RIYADH: Affirming Egypt’s potential as a prospective investment destination, the UAE’s Global Investment Holding Co. has agreed to buy a 30 percent stake in tobacco manufacture Eastern Co. for $625 million. According to a statement from Egypt’s Cabinet published on Facebook, Global Investment Holding will also provide Eastern Co. with $150 million for the purchase of raw materials for manufacturing. It is not clear whether this $150 million was an additional amount or was included in the $625 million purchase price. The Cabinet statement added that this deal is a part of the government’s efforts to increase private investments in various sectors. The Egyptian government had previously promised the International Monetary Fund that it would roll back the state’s involvement in the economy and allow private companies a much greater role as part of a $3 billion, 46-month financial support package, signed in December. Italy’s Eni plans to invest $7.7bn in Egypt Meanwhile, Egyptian presidential spokesman Ahmad Fahmi said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and senior Eni officials. In August, El-Sisi revealed that Egypt will receive a $3.5 billion investment from UK multinational oil and gas company BP over the next three years. During the meeting with BP CEO Bernard Looney, the president highlighted Egypt’s desire to strengthen cooperation with the company, including in emissions reduction, energy transition and green hydrogen production. In August, a report from Knight Frank had suggested that sovereign wealth funds in the Middle East region could inject as much as $120 billion into Egypt over the next few years. In its report, Knight Frank noted that major global powers including Saudi Arabia, the US, the UK, the UAE, South Korea, and China have renewed their investment interests in the African continent, especially after the recovery from the pandemic.