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28 March 2024

Aabar increases its Egypt exposure

Picture for illustrative purpose only.

Published
By Staff

Abu Dhabi-based Aabar Investments has acquired a 5.1 per cent stake in Palm Hills Developments, which is listed on the Egyptian Stock Exchange.

Palm Hills has a market capital of approximately EGP5.6 billion ($785 million; Dh2.88 billion), putting the value of the investment at around 285 million Egyptian pounds (Dh146.3 million), according to Reuters calculations

Aabar – owned by the International Petroleum Investment Company (Ipic), a company wholly owned by the Government of Abu Dhabi – has a mandate to invest across industry sectors with significant growth potential including, real estate development, financial services, energy, commodities and aerospace. It also has a significant stake in Arabtec Holding, a construction company based in UAE.

It is anticipated that Aabar will become a significant minority shareholder and will also aim to create value for Palm Hills Development by leveraging and building upon Aabar’s already sizable global portfolio of companies and relationships.

As part of Aabar’s investment, the board of Palm Hills Development has nominated a representative from the group to its board.

Yaseen Mansour, Chairman of Palm Hills Developments, said: “The Egyptian economy has successfully regained the confidence of international institutions, which has reflected positively on attracting regional and international investments. It has also placed Egyptian companies at the epicentre of attention, which is evident through Palm Hills’ partnerships with Ripplewood and Aabar Investments.”