Skip to content Skip to Search
Skip navigation

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.

Latest articles

Cargo is loaded onto an aeroplane. The Middle East-Europe route accounts for 5% of global traffic

Middle East-Europe is ‘fastest-growing route for air cargo’

The Middle East-Europe route for air cargo was the fastest growing in the world in October, according to International Air Transport Association figures.  Annual growth in cargo tonne-kilometres stood at 15.3 percent in October, IATA said. The global average is 9.8 percent and the Middle East average is 4.5 percent. The Middle East-Europe route has […]

UAE citizens receiving housing aid include the elderly, retirees on lower incomes and widows

Abu Dhabi citizens receive $3.6bn in housing benefits

To coincide with the UAE’s Eid Al Etihad celebrations, thousands of Abu Dhabi citizens have received housing benefit packages worth a total of AED7.72 billion ($2.1 billion). This package, the third awarded this year, brings the total value of housing benefits disbursed to Emiratis during 2024 to AED13.2 billion ($3.6 billion) This week 5,374 Emirati […]

Solar panels near Nanchang, China; Acwa Power wants to acquire clean power assets with a value of up to 20GW

Acwa Power plans to invest $50bn in China by 2030

Saudi energy company Acwa Power plans to invest up to $50 billion in renewable energy projects in China, a senior executive said on Tuesday.  Lyu Yunhe, Acwa Power’s head of China operations, said they aim to work with Chinese state-owned companies to acquire clean power assets with a value of up to 20GW and an additional 1 […]

Turkey inflation rate cut

Rate cut for Turkey in balance as inflation stays high

Despite higher than expected inflation in Turkey in November, the window may remain open for the central bank to cut its key lending rate before the end of this year.  Turkey’s annualised inflation rate fell back to 47.1 percent in November, data issued by the statistics agency Turkstat on December 3 showed, down from October’s […]