Just another WordPress site

Abu Dhabi’s sovereign fund to buy stakes in CIB, Fawry, other Egyptian bourse-listed firms

Abu Dhabi’s sovereign wealth fund ADQ agreed with Egyptian authorities to invest around $2 billion by buying state-held stakes in some companies, including the country’s largest listed bank CIB, a source with knowledgel told Bloomberg.

Part of the deal with ADQ involves it buying around 18 percent of Commercial International Bank (CIB), Bloomberg quoted people, who asked not to be identified as the talks are confidential, as saying.

In addition to the CIB portion, which makes up almost half the overall deal, ADQ is buying stakes in four other companies listed on Egypt’s stock exchange (EGX), including Fawry for Banking and Payment Technology Services, the people added.

Last year, ADQ bought an Egyptian pharmaceuticals company from Bausch Health Cos., along with investing in a UAE supermarket chain expanding in the North African country. Aldar Properties PJSC, backed by Alpha Dhabi Holding PJSC, agreed to buy SODIC, one of the leading Egyptian property developers.