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The Abu Dhabi-based port operator AD Ports Group has acquired a stake in two Egyptian corporations.
AD Ports Group introduced right this moment it acquired a 70% stake in Worldwide Related Cargo Service B.V., which owns the Egyptian delivery firm Transmar and the Egyptian cargo firm TCI. AD Ports Group paid slightly below $140 million for the stake, in response to a collection of tweets.
AD Ports Group is a part of Abu Dhabi Developmental Holding, aka ADQ, which is a sovereign wealth fund of the United Arab Emirates (UAE).
Why it issues: Gulf entities have proven an curiosity in shopping for Egyptian corporations just lately. The Egyptian authorities just lately determined to record some state-owned corporations on the market, which has attracted consumers from the UAE, Saudi Arabia and Qatar. ADQ already acquired a stake in Egypt’s Business Worldwide Financial institution in April.
Egypt is in the course of an financial disaster marked by excessive inflation and meals insecurity as a result of Russian invasion of Ukraine.
Egypt is receiving important funding from the Gulf amid the disaster. Final month, Egypt and Saudi Arabia signed financial agreements price $7.7 billion. Qatar additionally pledged in March to take a position $5 billion in Egypt.
Know extra: Egypt additionally obtained a $500 million mortgage from The World Financial institution this week to deal with meals safety points.
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