CAIRO, Apr 13 (NNN-MENA) – The Abu Dhabi Developmental Holding Company (ADQ), invested about 1.8 billion U.S. dollars, to acquire shares of five Egyptian companies yesterday, the Egyptian Exchange said in a 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 Fertilisers, the Commercial International Bank and Misr Fertilisers Production Company, according to the statement.
On Apr 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.”
Such deals are better than asking for high-interest loans, to close the gap between demand and supply for U.S. dollars, Bayoumi said.– NNN-MENA
