RIYADH: Abu Dhabi-based investment and holding company, ADQ, has invested in several transactions in Egyptian firms, in a bid to support the north African country’s economy.
The investments come as part of ADQ’s commitment to invest in Egypt’ economy through its $20 billion joint strategic investment platform, it said in a statement.
Transactions include stakes in one of Egypt’s largest lenders, the Commercial International Bank, the e-payments platform Fawry, logistics company Alexandria Container & Cargo, Misr Fertilizers Production Co., and Abu Qir Fertilizers & Chemical Industries.
ADQ didn’t specify how much it will spend.
“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,” CEO of ADQ, Mohamed Hassan Alsuwaidi, said.
“The recent transactions are a testament to our long-term commitment to elevate our investment partnership with Egypt, and to continue deploying capital in projects of commercial importance,” Alsuwaidi added.
