Abu Dhabi investment firm Aabar and UAE construction giant Arabtec are looking to increase their investments in Egypt, the chairman of both entities has reportedly said.
"For us [Arabtec], for Aabar, the future is really Egypt," Khadem Abdulla Al Qubaisi, chairman of both Arabtec and Aabar, said in an interview with The Wall Street Journal.
Egypt, under President Abdel Fattah Al Sisi, is trying to resurrect its economy and at an economic summit two weeks ago, Gulf states, including the UAE, pledged $12 billion in support of Egypt's government.
"Egypt will play a big role in our portfolio in the future and Egypt, with respect to the challenges, is really a promising country," Al Qubaisi was quoted as saying.
He cited the country's large population - with close to 90 million people Egypt is the Arab world's most-populous nation - and the rising need for infrastructure and housing as reasons for his optimism.
Aabar last year bought a stake in Cairo-based real-estate firm Palm Hills Developments. Arabtec, of which Aabar owns around 36 percent, is also involved in a large housing project in the North African country.
Al Qubaisi said Aabar is pursuing not only investment opportunities in real estate, but also in infrastructure and midstream oil and gas operations.
Aabar, which is owned by Abu Dhabi sovereign wealth fund International Petroleum Investment Co, also holds stakes in Italian bank UniCredit, Malaysia's RHB Capital and Richard Branson's Virgin Galactic space project.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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