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.](/sites/default/files/styles/article_hero_medium/public/2022-04/GettyImages-159029675.jpeg?h=a5ae579a&itok=-9T8dwAC)
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.