Looks like more than Egypt’s beaches are sparking interest this season. Abu Dhabi’s state holding company, The Abu Dhabi Developmental Holding Company (ADQ), has acquired shares of five Egyptian companies. The total $1.8b investment purchased stakes in five publicly traded Egyptian companies.
Companies included Egypt’s largest private bank, the Commercial International Bank (CIB), the state-owned Alexandria Container and Cargo Handling Company, e-payment platform Fawry, Abu Qir Fertilizers, and Misr Fertilizers Production Company.
Why it matters
Even Saudi Arabia has deposited $5b in Egypt’s central bank and has pledged the Saudi state Public Investment Fund would attract $10b in investments. Qatar has pledged a similar $5b deal.
