Abu Dhabi’s wealth fund ADQ has acquired stakes in five companies listed on the Egyptian stock exchange (EGX) for 28.5 billion Egyptian pounds ($1.5 billion), Al Shark/Bloomberg reported on Tuesday.
ADQ is buying stakes in Egypt’s biggest private lender Commercial International Bank Egypt (CIB-Egypt) along with Egyptian e-payment giant Fawry, Abu Qir Fertilizer and Chemical Industries, Misr Fertilizers Production Company (MOPCO), and Alexandria Container and Cargo Handling Company.
In March, ADQ agreed with Egyptian authorities to invest around $2 billion by buying state-held stakes in some companies, including the CIB.
Part of the deal with ADQ involves it buying around 18 percent of the CIB, Bloomberg quoted people, who asked not to be identified as the talks were still confidential, as saying.
Last year, ADQ bought an Egyptian pharmaceuticals company from Bausch Health Cos., besides investing in a UAE supermarket chain expanding in the North African country.
