Dubai: The Abu Dhabi investment company is taking stakes in multiple publicly-listed companies in Egypt as part of its $20 billion ‘joint strategic investment platform’. This includes stakes in Commercial International Bank – one of Egypt’s biggest.
The other recent investments have been in Fawry, the e-payments platform; Alexandria Container & Cargo Handling Company; the Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries.
“Since the inception of ADQ’s $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,” said Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ. “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.”
There was also the acquisition of Amoun Pharmaceutical Company, one of Egypt’s leading pharmaceutical manufacturers.
The Egyptian economy has shown resilience and ‘real GDP growth continues to outpace the majority of emerging market economies’. The current year projections estimate GDP growth to reach 5.5 per cent.
“With its strategic location and the large size of its domestic market, the investments were driven by taking into account the underpinnings of Egypt’s strong domestic consumption, productivity growth, enormous untapped export potential, and positive trade outlook,” ADQ said in a statement.