Banking & Finance ADQ buys stakes worth $1.85bn in Egyptian firms By Reuters April 28, 2022 Abu Dhabi’s state holding company ADQ bought shares worth $1.85 billion in five publicly traded Egyptian companies in April, helping Egypt after the Ukraine crisis prompted foreign investors to flee. Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14 percent on March 21. Ukraine and Russia are the main source of Egypt’s wheat supplies and their tourists are a significant source of foreign exchange. Egypt has been negotiating with the International Monetary Fund (IMF) for a financial support package. It also received a $5 billion deposit in its central bank from Saudi Arabia in March along with a pledge from the Saudi state Public Investment Fund for additional funds designed to attract $10 billion in investments. Egypt likewise secured a pledge from Qatar for $5 billion in new investment deals. ADQ’s purchases included 340.1 million shares of Commercial International Bank (CIB), Egypt’s biggest private bank, for $911.5 million. State-owned National Bank Of Egypt said it had sold 181.8 million shares in CIB for $487.1 million, reducing its stake to 0.336 percent from 9.504 percent. ADQ also bought 271.6 million shares of Abu Qir Fertilisers and Chemical Industries for $391.9 million, 45.8 million shares of Misr Fertilisers Production (Mopco) for $266.6 million and 476.7 million shares of Alexandria Container And Cargo Handling for $159.1 million. It also purchased 215.1 million shares of electronic payments provider Fawry for $68.6 million as well as a rights issue for another 201.6 million shares worth $54.9 million.