UAE investments boost Egyptian economy
The United Arab Emirates is seeking profits by investing $2 billion in Egyptian state-held stakes in some companies.
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.
In this context, economic researcher Sayed Khodr told Al-Monitor via phone that the acquisition deal would revitalize the Egyptian economy, especially the Egyptian stock exchange.
He said that this acquisition represents a huge financing deal welcomed by Egypt, whose economy — affected by several global crises, most notably the repercussions of the coronavirus pandemic and the economic implications of the Russian-Ukrainian war — is under great pressure.
