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One of Abu Dhabi's sovereign funds buys shares of 5 Egyptian companies
The Xinhua reported, the Egyptian Exchange said in a statement that the Abu Dhabi Developmental Holding Company (ADQ) invested about 1.8 billion U.S. dollars to acquire shares of five Egyptian companies on Tuesday (Apr 12).
According to the statement, the ADQ, one of Abu Dhabi's sovereign funds, bought shares of e-payment platform Fawry, the state-owned Alexandria Container and Cargo Handling Company, Abu Qir Fertilizers, the Commercial International Bank and Misr Fertilizers Production Company.
On April 4, Abu Dhabi sovereign fund agreed to purchase two billion dollars' worth of stakes in some Egypt's state-owned businesses, including large listed banks.
Gamal Bayoumi, head of the Cairo-based Arab Investors Union (AIU), said the move is "a quick help for Egypt to bridge the decline of foreign cash reserve and also an opportunity for the Gulf company to invest in successful companies in the North African country."
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Bayoumi told Xinhua that such deals are better than asking for high-interest loans to close the gap between demand and supply for U.S. dollars.
Source: xinhua
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