The Egyptian government has reached an agreement with Gulf sovereign funds that invested in Egyptian companies to postpone the distribution of dividends for three years, according to sources familiar with the matter. The sources told Daily News Egypt that the Central Bank of Egypt will guarantee the necessary dollar liquidity to transfer the investors’ profits into foreign currency after the end of the period. The agreement covers the recent investments made by Abu Dhabi Holding in three government companies: National Drilling Company, Egyptian Linear Alkyl Benzene, and the Egyptian Ethylene and Derivatives Company, worth $800m. It also covers the investments made by the Saudi Egyptian Investment Company, affiliated with the Saudi Public Investment Fund, in four major Egyptian companies: e-finance, Abu Qir Fertilizers, Misr Fertilizers Production Company, and Alexandria Container and Cargo Handling, worth $1.3bn. In addition, the agreement includes the investments made by Abu Dhabi Holding in five companies listed on the Egyptian Exchange, worth $1.85bn.

Source: Daily News Egypt September 14, 2023 13:11 UTC