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UAE investments boost Egyptian economy

The United Arab Emirates is seeking profits by investing $2 billion in Egyptian state-held stakes in some companies.
A general view of the Egyptian Stock Market in the capital, Cairo, on Jan. 6, 2013.

The Egyptian Exchange (EGX) announced April 12 that Abu Dhabi Developmental Holding Company (ADQ), one of Abu Dhabi's sovereign funds, has invested about 28.5 billion Egyptian pounds ($1.8 billion) to acquire shares of five major publicly traded Egyptian companies.

The five companies that were previously state-owned are e-payment platform Fawry, state-owned Alexandria Container and Cargo Handling Company, Abu Qir Fertilizers, the Commercial International Bank and Misr Fertilizers Production Company.

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