Abu Dhabi’s state holding company ADQ has bought shares worth almost $1.8 billion in five publicly traded Egyptian companies.
The transactions include stakes in Commercial International Bank (CIB), one of Egypt’s largest banks; Fawry, the leading digital transformation and e-payments platform; Alexandria Container & Cargo Handling Company, a prominent logistics player; Misr Fertilizers Production Company (MOPCO) and Abu Qir Fertilizers & Chemical Industries, two key industrial companies in Egypt.
ADQ’s purchased 340.1 million shares of Commercial International Bank (CIB), 271.6 million shares of Abu Qir Fertilisers and Chemical Industries for $391.9 million, 45.8 million shares of Misr Fertilisers Production (Mopco) for $266.6 million and 476.7 million shares of Alexandria Container And Cargo Handling for $159.1 million.
“The UAE and Egypt share a deep relationship underpinned by strong economic and trade ties. Since the inception of ADQ’s USD 20 billion strategic investment platform with the Sovereign Fund of Egypt, we have executed several investment opportunities in Egypt, with the aim to deliver robust commercial benefits and sustainable growth. The recent transactions are a testament to our long-term commitment to elevate our investment partnership with Egypt and continue deploying capital in projects of commercial importance,” Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said.
Also read: Banque Misr raised its stake in Fawry for 1.47 billion EGP
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