Abu Dhabi Development Holding Company (ADQ) has established a new office in Egypt to build on its commitment to investing in the country’s economic growth, media reports said.
The opening of ADQ’s new office complements the $20 billion (AED 73 billion) strategic investment platform launched in 2019 between ADQ and The Sovereign Fund of Egypt (TSFE), the reports added.
The platform aims to help advance Egypt’s economic development through joint strategic investment projects, specialized funds and investment tools in key sectors such as healthcare and pharma, utilities, food and agriculture, real estate and financial services.
Head of Sovereign Partnerships at ADQ Omar Mehanna commented, “Opening our new Egypt office is an important milestone in our long-term commitment, by investing through our strategic investment platform, to unlock growth opportunities across key sectors.
CEO of the Sovereign Fund of Egypt Ayman Solimon said, “ADQ’s decision to establish an office in Egypt signifies the strength and depth of our bilateral cooperation which enhances our ability to develop and evaluate our 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,” he added.