Dubai firm buys Egypt bank stake
CAIRO: Commercial International Bank yesterday said a firm owned by Dubai's ruler had bought a 5.24 per cent stake in the bank, the emirate's second major investment in a year in Egypt's financial sector.
Dubai Capital Group, part of government-owned Dubai Holding, had accumulated the stake of Egypt's largest publicly traded lender from the Egyptian and London stock exchanges over the past few months, a CIB spokesman said.
Dubai Holding is owned by Dubai's ruler Shaikh Mohammed bin Rashid Al Maktoum.
"This investment (provides) us opportunities in an environment which has been challenged by the changes in the global financial services sector," Dubai Capital Group chief executive Mustafa Farid Geninah said.
Another Dubai government-owned firm bought a 25pc stake in EFG-Hermes in November.
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