Don't miss any update with Africazine.

― Advertisement ―

HomeNewsAbu Dhabi acquires “Misr Aluminium” .. and Osoul Al-Mahrousa at the table...

Abu Dhabi acquires “Misr Aluminium” .. and Osoul Al-Mahrousa at the table of “Bin Zayed” for 40 billion dollars

It did not take long for Abu Dhabi to reveal that it is the strategic investor to whom Dr. Hisham Tawfik, Minister of Business Sector, alluded to, and his announcement of the intention of the Sisi government to continue the privatization process initiated by Mubarak, by selling about 12 state-owned hotels and selling a group of vital industries, including aluminum, to this “strategist.” Hours ago, the Abu Dhabi Sovereign Fund, through its subsidiary (ADQ) company, announced its acquisition of 25% of the largest Egyptian governmental aluminum manufacturer in the Arab world, Misr Aluminum Company.
ADQ Holding Company (Abu Dhabi Sovereign Fund) intends to invest $10 billion in new industrial partnership projects between Egypt, the UAE and Jordan, according to the agreement signed by the three countries in Abu Dhabi on Saturday, May 30.
The size of the target share ranges between 20 and 25%, according to what the minister told CNBC Arabia, and Al Borsa newspaper reported that the buyer is an Arab sovereign fund, after ADQ (Abu Dhabi Sovereign Fund) announced that it had already invested $1.8 billion in five companies. Listed on the Egyptian Stock Exchange.

Some state-owned assets are expected to be offered to local and international investors with the aim of attracting new investments of $40 billion over the next four years.

The government also plans to offer a 25% stake in the entity, which will include under its umbrella seven or eight state-owned hotels, on the Egyptian Stock Exchange.
ADQ will inject the planned investments through a new investment fund it intends to establish in the fields of pharmaceuticals, agriculture, food, petrochemicals, metals and textiles.

The fund acquired state-owned stakes in five companies listed on the Egyptian Stock Exchange as part of an agreement reached last month to provide Egypt with emergency liquidity to face the repercussions of the Russian-Ukrainian war.

The Secretary-General of the Emirates Council for Investors Abroad, Jamal Al-Jarwan, said that “Emirati investors may inject other investments worth $15 billion into the Egyptian economy over the next five years.”

Assets of $40 billion
On Saturday, May 30, the coup prime minister, Mostafa Madbouly, said that “his government is working on offering state assets worth 40 billion dollars for a partnership with the private sector.”
He added, “At the same time, we are working on offering some assets to the private sector in order to acquire percentages of them, and we estimated that at about $40 billion over 4 years, at an average of $10 billion annually.”

A statement from the coup government stated that Madbouly headed an Egyptian delegation that included the ministers of planning, agriculture, trade and industry, at the start of an unspecified visit to the UAE.

Madbouly said during the meeting, “The goals that we are working to achieve are for the private sector’s contribution to total investments to reach from 30% currently to 65% within 3 years.”

According to a statement by the Egyptian government, this came after Madbouly met with more than 30 senior Emirati investors to introduce investment opportunities in Egypt.

Five companies
The UAE recently loaned Egypt $2 billion, in exchange for acquiring five major companies, including Alexandria Containers, MOPCO, Abu Qir Fertilizers, Fawry Telecom and others.

The volume of Emirati investments in Egypt amounts to $20 billion, according to Jamal Al-Jarwan, Secretary-General of the Emirates Council for Investors Abroad, during the meeting.

Al-Jarwan expected that Emirati investments in Egypt would increase to $35 billion within 5 years, according to what was reported by the Emirates News Agency, on Saturday.

The UAE is the largest contributor to the 2013 coup, and the New York Times considers it the planner and implementer of the coup, and believes that Sisi played the role fully required of him in the Abu Dhabi plan.

system in crisis
The coup government resorted last March to start consultations with the International Monetary Fund, regarding reaching an agreement on a reform program accompanied by a financial loan.

Activists launched the hashtag # Sisi_sells_Egypt after Madbouly met with 30 senior Emirati investors in the UAE, and said that “Egypt is heading to sell assets worth 40 billion dollars, and the UAE is ready and has allocated a fund for investments in Egypt and Jordan worth 10 billion dollars.”

Source: بوابة الحرية والعدالة by

*The article has been translated based on the content of بوابة الحرية والعدالة by If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!