Newsletter - Deals Spree in Middle East - Bloomberg
The Middle East is seeing a flurry of deals as leading companies chase new growth opportunities and expand their global footprint.
The United Arab Emirates’ largest lender kicked off what's likely to be its biggest acquisition yet in Egypt. First Abu Dhabi Bank made a non-binding offer to buy no less than 51% in EFG-Hermes, valuing Egypt's biggest investment bank at $1.2 billion.
A potential takeover would give First Abu Dhabi Bank a larger presence in the Arab world's most populous country alongside a foothold in several emerging markets, including Kenya, Nigeria and Bangladesh.
The Abu Dhabi lender is not alone in an expansion mode. Dubai Islamic Bank is actively exploring opportunities to grow "organically and inorganically" in Pakistan, Indonesia and Kenya. The UAE's biggest Islamic bank also has Egypt, Saudi Arabia and Turkey on its radar, according to CEO Adnan Chilwan.
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