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Abu Dhabi-based holding company ADQ will establish an office in Cairo to continue its investment in Egypt’s economic growth, the firm announced on Wednesday.
The announcement follows the 2019 launch of the company’s AED73 billion ($19.88 billion) platform with The Sovereign Fund of Egypt (TSFE).
Omar Mehanna, head of sovereign partnerships at ADQ, said the opening of the new office in Egypt is an “important milestone” in the company’s commitment to “unlock growth opportunities across key sectors”.
“Our in-market presence will drive further cross-border collaboration while nurturing organisations that will accelerate the country’s economic development.”
Ayman Soliman, CEO, TSFE, said that ADQ’s decision to establish an office in Egypt will also enhance their company’s ability to develop and evaluate their “joint-investment pipeline”.
“Egypt has vast reserves of untapped potential across a diverse range of sectors and our partnership with ADQ illustrates our ability to attract foreign direct investment and stimulate Egypt’s economic development.”
The two organisations’ existing $20 billion platform aims to help advance Egypt’s economic development through joint strategic investment projects, specialised funds and investment tools in key sectors, such as healthcare and pharma, utilities, food and agriculture, real estate and financial services, ADQ said in a statement.
(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)
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