An Abu Dhabi wealth fund has agreed to invest about $2 billion in Egypt by buying state-held stakes in some companies, including the country's Commercial International Bank (CIB).
According to a report by Bloomberg on Monday, Abu Dhabi's ADQ, which has previously invested in the North African country, will acquire about 18 percent of CIB which accounts for about half of the overall deal.
The report also revealed that ADQ is buying stakes in four other companies listed on Egypt's stock exchange.
The Middle East Monitor reports that the UAE and ADQ, are long-term investors in Egypt, with the sovereign wealth fund has acquired an Egyptian pharmaceuticals company from Bausch Health Cos last year for $740 million.
Later that year, ADQ also purchased Egyptian real estate developer, SODIC, for $388 million.
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