The Saudi Public Investment Fund (PIF) is seeking to diversify opportunities within its portfolio, and contribute to projects for the development of clean energy sources globally.

In this context, the PIF intends to acquire the state-owned United Bank in Egypt, in a deal that could be worth about $600 million. Intensive talks are underway to complete the deal, which falls within the framework of Saudi Arabia’s support for Egypt’s economy.

The United Bank was established in 2006 through the merger of smaller entities that were facing bankruptcy.

The PIF is expected to carry out the acquisition through the Saudi-Egyptian Investment Company, which was set up earlier this year to invest in parts of Egypt’s economy, according to sources cited by Bloomberg.

The company focuses on investing in several key sectors, including infrastructure, real estate development, health care and financial services, in addition to food, agricultural and industrial projects such as the pharmaceutical industry.

Meanwhile, the PIF revealed on Monday its acquisition of up to 9.5 percent in the Skyborn Renewables Company, a world leader in the development and operation of energy production technologies using offshore wind.

PIF said it was investing in the company alongside US-based investment fund Global Infrastructure Partners (GIP), with the aim of participating in the energy transition and building strategic economic partnerships to achieve sustainable returns to unlock economic opportunities globally.

The step reinforces the efforts of the PIF to enable the growth of clean energy sources, by investing in a platform to produce offshore wind energy in several regions around the world.

Turqi A Alnowaiser, PIF deputy governor and head of international investments division, said the fund saw “significant growth opportunities” for Skyborn.

“Our partnership with Skyborn and GIP will help drive the development of innovative sustainable technology, which positions Saudi Arabia as an enabler of industries of the future and the creator of new opportunities,” he said.