Abu Dhabi’s sovereign wealth fund ADQ is buying state-held stakes in Egyptian fertilizer and cargo companies as part of anticipated giant investment in the country, people close to the deal told Bloomberg on Wednesday.
The fund is buying stakes in Abu Qir Fertilizer and Chemical Industries, Misr Fertilizers Production Company (MOPCO), and Alexandria Container and Cargo Handling Company as part of approximately $2 billion investment in Egypt, added the sources, who asked not to be identified as the agreement is confidential.
The Abu Dhabi fund is also buying stakes in Fawry for Banking and Payment Technology Services and Commercial International Bank Egypt (CIB-Egypt), the Egypt’s biggest listed lender, people familiar with the agreement told Bloomberg earlier this week.
About half of the value of the deal derives from the sale of an around 18 percent stake in CIB, the sources further told Bloomberg.
Last year, ADQ bought an Egyptian pharmaceuticals company from Bausch Health Cos., in addition to investing in a UAE supermarket chain expanding in the North African country. Aldar Properties, backed by Alpha Dhabi Holding PJSC, agreed to buy SODIC, one of the leading Egyptian property developers.
