ADQ Holdings - Abu Dhabi plans to invest about $2 billion in Egypt by buying state-owned stakes in listed companies.
According to Arabiya Net, sources said that the stakes to be acquired by ADQ are 18% of the Commercial International Bank, the largest bank listed on the Egyptian Stock Exchange. And a stake in the financial technology company Fawry, in addition to 3 other companies.
The CIB's stake represents about half of the investment's total value, citing Bloomberg.
This comes as the Egyptian Minister of Planning and Chairman of the Board of Directors of Egypt's Sovereign Fund, Dr. Hala Al-Saeed, announced yesterday that the Sovereign Fund of Egypt succeeded in attracting and directing large-sized foreign investments. In partnership with strategic investors from the private sector, with investments estimated at more than two billion dollars in the first phase, directly and through the Egyptian Stock Exchange, and the details of those investments will be announced during the next few weeks.
In 2019, the UAE and Egypt announced the establishment of a joint strategic investment platform worth $20 billion to jointly invest in a variety of sectors, fields and assets through the Abu Dhabi Company. Development Holding and Egypt's Sovereign Fund.
ADQ and the UAE real estate company Aldar acquired the Egyptian company SODIC during the past year, and ADQ acquired through its subsidiaries the Amon Pharma Company, as well as the Ismailia Company for Agricultural and Industrial Investments Atyab.
