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Abu Dhabi port operator acquires stake in Egyptian shipping firms

Gulf countries are interested in buying Egyptian assets as the country’s economy falters.
Egyptian President Abdel Fattah al-Sisi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan attend a welcome ceremony at Al-Watan presidential palace, Abu Dhabi, United Arab Emirates, Nov. 14, 2019.

The Abu Dhabi-based port operator AD Ports Group has acquired a stake in two Egyptian companies. 

AD Ports Group announced today agreements to acquire a 70% stake in International Associated Cargo Carrier B.V., which owns the Egyptian shipping company Transmar and the Egyptian cargo company TCI. AD Ports Group paid just under $140 million for the stake, according to a series of tweets. 

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