Abu Dhabi-owned Invest AD's asset management arm has been buying Egyptian stocks this week as the stock exchange reopened after seven weeks and stock prices reached attractive levels, the firm's CIO said on Thursday.
"We reduced our position in Egypt to 14 percent from 25 percent when the Tunisian revolution broke out and before the Egyptian market closed," David Sanders told Reuters on the sidelines of a Thomson Reuters Africa investment conference.
"We are already buying Egyptian stocks and for those Egyptian stocks which have long-term potential, we are looking to get back in. We believe the prices a year or two from now will be higher than they are today."
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