This approval entails a 25 percent stake in the Egyptian Drilling Company (EDC), a leading drilling contractor in Egypt and the MENA region established in 1976.
Additionally, it includes a 30 percent stake in the Egyptian Ethylene & Derivatives Company (Ethydco), the largest petrochemical complex in Egypt and Africa, which supplies high-quality polyethylene solutions to industries worldwide.
Furthermore, the Egyptian Linear Alkyl Benzene Company (ELAB), a key player in Egypt's petroleum sector, has a 35 percent stake. Founded in November 2003, ELAB produces linear alkyl benzene under UOP technology, with an annual production capacity of 100,000 tons.
In light of this, the acquirer will be able to exert significant influence over the target company's strategic decisions, including the election of the board of directors and the determination of financial and operational policies.
In January, ADQ and ADNEC Group signed final agreements to acquire a 40.5 percent stake in ICON, the hotel arm of Talaat Mostafa Group, a leading Egyptian real estate developer.
Emirates ADQ is a sustainable investor with a strategic focus on generating financial returns while positively impacting Abu Dhabi. In 2023, ADQ contributed 22 percent to Abu Dhabi's non-oil GDP.
In related news, ADQ has announced plans to establish a joint-stock company in Egypt named Ras El-Hekma to implement a significant new development project.
ADQ also acquired the development rights for Ras El-Hekma for $24 billion and is investing $11 billion in real estate and other key projects across Egypt.
According to the Central Bank of Egypt (CBE), Emirates foreign direct investment (FDI) inflows into Egypt reached $3 billion, while the Emirates FDI outflows from Egypt totalled $1.7 billion.
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