UAE Wealth Fund Invests USD 800 Million in State-Owned Companies

The Abu Dhabi Developmental Holding Company (ADQ), one of Abu Dhabi's three main state wealth funds, has bought USD 800 million of minority stakes in three companies: Egyptian Ethylene and Derivatives Co., oil firm Egyptian Drilling Co. and Egyptian Linear Alkyl Benzene, a petrochemicals producer. This is a significant step in the broader plan announced in February to raise billions of dollars by listing whole or parts of companies or offering them to strategic investors, which is a key part of President Abdel-Fattah El-Sisi's attempt to fulfill the terms of a USD three billion International Monetary Fund loan deal.