A general view of clustered buildings in Cairo, Egypt, January 28, 2018. REUTERS/Mohamed Abd El Ghany
CAIRO - 13 April 2022: The recent acquisitions that Abu Dhabi Developmental Holding Company PJSC (ADQ) has executed on 5 companies listed on the Egyptian Exchange (EGX) are a testament to our commitment to strengthening our investment partnership with Egypt in the long term, and to continue investing capital in economically feasible projects, according to ADQ Managing Director & CEO Mohamed Hassan Alsuwaidi.
Alsuwaidi elaborated , according to a statement, that ADQ has implemented many investment opportunities in pursuit of strong commercial benefits and sustainable growth since the launch of a strategic investment partnership platform with the Sovereign Fund of Egypt, valued at $20 billion.
He pointed out that these investments are driven by the strength of domestic consumption, the growth of production and the huge untapped export potential, and the positive trade prospects of Egypt, thanks to its strategic location and the large size of its local market.
On Tuesday, April 12, 2022, the EGX witnessed the implementation of the acquisition deals by Alpha Oryx Limited, a subsidiary of ADQ Holding, of stakes in 5 listed companies, with a value of $1.95 billion, including Commercial International Bank (CIB), Fawry, Alexandria Container & Cargo Handling Company, Misr Fertilizers Production Co. (MOPCO), and Abu Qir Fertilizers.
ADQ is a long-term investor in the Egyptian economy, as it established an office in the Egyptian capital, and since the launch of its platform, it has completed a number of strategic investments and partnerships that have achieved strong financial returns.
This included its acquisition of a majority stake of up to 85.52 percent in Sixth of October Development and Investment (SODIC) through ADQ consortium with Aldar Properties, and the acquisition of Amoun Pharmaceuticals, one of Egypt’s leading pharmaceutical manufacturing, distribution and export companies.
The Egyptian economy has proven its resilience, with real GDP growth continuing to outpace most emerging market economies, as estimates for the current year indicate a growth rate of 5.5 percent.