Business | Investment
Dubai Group buys 49% stake in Egypt firm
Dubai Group invested Dh730 million in the project through its subsidiary Dubai Capital Group to become the second largest shareholder in the greenfield project located 70 kilometres north of Cairo.
- Staff Report
- Published: 00:16 May 19, 2008
Dubai: Dubai Group, the div-ersified financial services company of Dubai Holding, on Sunday announced it has acquired a 49 per cent stake in Egypt's Sphinx Glass Company in partnership with Cairo-based private equity firm Citadel Capital.
Dubai Group invested Dh730 million in the project through its subsidiary Dubai Capital Group to become the second largest shareholder in the greenfield project located 70 kilometres north of Cairo.
Sphinx Glass' float glass manufacturing facility will produce 220,000 tonnes of float glass annually targeting both the domestic and export markets. The company is a wholly-owned subsidiary of GlassWorks, a company established by Citadel Capital and a group of leading regional investors to pursue investments in the promising Middle East and North Africa (Mena) glass industry.
"Dubai Capital Group aims to own and build strong portfolio companies by concentrating on private equity, growth capital, 'greenfield' investments and long-term public equity holdings," said Mustafa Fareed Geninah, chief executive of Dubai Capital Group.
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