#AbuDhabi's ADQ Invests in Egyptian Firms to Help Shore Up Economy - Bloomberg

Abu Dhabi's ADQ Invests in Egyptian Firms to Help Shore Up Economy - Bloomberg

An Abu Dhabi wealth fund is snapping up stakes in key Egyptian companies, including the country’s largest listed bank, as part of efforts to shore up the North African nation’s economy.

ADQ said it’s buying into Commercial International Bank, Fawry for Banking & Payment Technology Services SAE, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Company and Abu Qir Fertilizers & Chemical Industries.

The fund didn’t specify how much it will spend, but Bloomberg has previously reported ADQ plans to invest about $2 billion in Egypt, including a stake of about 18% in Commercial International Bank. The Egyptian bourse reported block trades worth $1.82 billion in the five firms on Tuesday, without disclosing the buyer’s identity.

Such funding is welcome for Egypt, where the economy is being put under increasing pressure from the shockwaves of Russia’s invasion of Ukraine. The central bank held a special policy meeting in March and hiked interest rates for the first time since 2017, and allowed the currency to weaken sharply.