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HomeNewsAfricaQatar joins UAE, Saudi Arabia in race for Egypt’s assets as EGP...

Qatar joins UAE, Saudi Arabia in race for Egypt’s assets as EGP declines

Egypt’s weakening currency, new IMF agreement, increasing Qatari interest, and appealing IPOs might lead to higher bids for government-owned stakes compared to previous transactions. Conversely, taxes and authorities’ indecisiveness could still turn off investors.

Interest in Egypt’s assets from the wealthy Gulf has been building up over the past months, coinciding with increasing incentives that may cause stakes in the North African nation to be less undervalued in future acquisitions.

Sovereign wealth funds of the UAE and Saudi Arabia have been acquiring government-owned stakes in some of Egypt’s biggest companies over the past months, including shares in Fawry and Commercial International Bank (CIB) snapped up by Abu Dhabi’s ADQ last April.

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