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Abu Dhabi Islamic Bank’s stake in ADIB Egypt reaches over 52%

By Pramod Kumar
WAM
ADIB has acquired 9.6 million shares from National Investment Bank

Abu Dhabi Islamic Bank (ADIB) has announced the increase of its ownership in ADIB Egypt to more than 52 percent, the UAE state-run WAM news agency reported.

In a disclosure to the Abu Dhabi Securities Exchange, ADIB stated that it had acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.

The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.

In August 2022, the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) disclosed that UAE investments in Egypt increased to $1.9 billion (AED 6.98 billion) during the first half of the fiscal year 2021-2022, an increase of 169 percent year-on-year.

The value of the trade between Egypt and the UAE increased to about $1.2 billion during the first quarter of 2022, compared to $1.1 billion in the previous year.

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