Saturday May 18th, 2024
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UAE Wealth Fund Invests USD 800 Million in State-Owned Companies

One of Abu Dhabi's biggest state wealth funds bought USD 800 million minority stakes in three Egyptian companies.

Cairo Scene

UAE Wealth Fund Invests USD 800 Million in State-Owned Companies

The Abu Dhabi Developmental Holding Company (ADQ), one of Abu Dhabi's three main state wealth funds, has bought USD 800 million of minority stakes in three companies: Egyptian Ethylene and Derivatives Co., oil firm Egyptian Drilling Co. and Egyptian Linear Alkyl Benzene, a petrochemicals producer. This is a significant step in the broader plan announced in February to raise billions of dollars by listing whole or parts of companies or offering them to strategic investors, which is a key part of President Abdel-Fattah El-Sisi's attempt to fulfill the terms of a USD three billion International Monetary Fund loan deal.

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