UAE’s Global Investment Holding Ltd. has acquired a 30% stake in Egypt’s largest tobacco company for a total of $625 million.
- The investment provides a significant boost to Egypt’s efforts to sell state assets and generate much-needed foreign currency.
- In addition to the stake acquisition, Global Investment Holding will also provide $150 million to Eastern Company for the procurement of raw materials used in manufacturing.
- The Egyptian government announced the investment on its Facebook page but did not disclose further details about the investor.
- This transaction highlights the growing interest of UAE-based firms in investing in Egypt’s economy and capitalizing on its strategic location and market potential.
- The deal is expected to enhance cooperation and economic ties between the United Arab Emirates and Egypt, strengthening bilateral relations.
- The investment signals confidence in Egypt’s tobacco industry and underscores the country’s attractiveness as an investment destination in the region.