Dubai Group pumps $22mn into Egypt glass maker

STRATEGIC INVESTMENT: Dubai Group has acquired a 49% stake in Sphinx Glass. (Getty Images)

Dubai Group has acquired a 49% stake in an Egyptian glass manufacturer in partnership with Cairo-based private equity firm Citadel Capital, the company said on Sunday.

Dubai Group, part of state-owned conglomerate Dubai Holding, said it has invested 730 million dirhams ($199 million) in Sphinx Glass Company through its subsidiary Dubai Capital Group.

"Our investment in the Sphinx Glass plant reflects our strong belief in Egypt's competitive advantage in the glass industry, not just within the region but also globally," Mustafa Farid Geninah, CEO of Dubai Capital Group, said in a statement.

"Investing with Citadel Capital in Sphinx Glass... will provide sustainable returns for our shareholders as part of our diversified investment strategy."

Sphinx Glass is a wholly owned subsidiary of GlassWorks, a company established by Citadel Capital and a group of regional investors.

Dubai Group said it was now the second largest shareholder in Sphinx Glass' float glass manufacturing facility, which will be located 70 kilometres north of Cairo.

Float glass is a technique used to produce flat sheets of glass whereby molten glass is poured on a bath of liquid tin.

Sphinx Glass' facility will produce 220,000 tonnes of float glass annually, targeting both the domestic and export markets, Dubai Group said.

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