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Abu Dhabi’s ADQ Buys Stakes Worth $1.85b in Egyptian Firms

Egyptian Stock Exchange (Reuters)
Egyptian Stock Exchange (Reuters)
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Abu Dhabi’s ADQ Buys Stakes Worth $1.85b in Egyptian Firms

Egyptian Stock Exchange (Reuters)
Egyptian Stock Exchange (Reuters)

Abu Dhabi's state holding company ADQ has bought shares worth $1.85 billion in five publicly traded Egyptian companies. The stock exchange said purchases for five companies were executed on Tuesday but did not say who the buyer was.

The deals included the purchase of 340.1 million shares of Commercial International Bank (CIB), Egypt's biggest private bank, for $911.5 million, and 45.8 million shares of Misr Fertilisers Production (Mopco) for $266.6 million.

They also included Abu Qir Fertilisers and Chemical Industries, which sold 271.6 million shares for $391.9 million, Fawry sold 215 million shares of electronic payments technology for $68.6 million, and Alexandria Container and Cargo Handling sold 476.7 million shares for $159.1 million.

Last December, ADQ established a new office in Egypt to build on its commitment to increase its investment in the country.

The opening of ADQ's new office complements the $20 billion strategic investment platform launched in 2019 between ADQ and the Sovereign Fund of Egypt.

The platform aims to help advance Egypt's economic development through joint strategic investment projects, specialized funds, and investment tools in vital sectors such as healthcare and pharma, utilities, food and agriculture, real estate, and financial services.

Meanwhile, Prime Minister Mostafa Madbouly met with EGX Chairman Mohamed Farid Saleh to review the proposed action plan to achieve digitization and benefit all citizens from investing in the stock market.

The action plan contributes to attracting foreign investments and providing the necessary funding to achieve the sustainable development goals in Egypt's Vision 2030.

The Prime Minister stressed that this meeting comes within the framework of the government's keenness to permanently coordinate with the EGX, adopt and support ambitious plans to achieve financial and investment inclusion.

They also addressed facilitating services through digital transformation to increase the Egyptian market's ability to attract investments.

Saleh presented several indicators related to EGX work during the recent period, which included developing the value of the offerings due to the resumption of the government offering program.

It will also increase the number of investors in the market following efforts to boost the investment environment and promote the stock exchange to serve the listed companies and the Egyptian economy.

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Business

G7 Energy Ministers Confirm Readiness to Release Oil Stockpiles

Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
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G7 Energy Ministers Confirm Readiness to Release Oil Stockpiles

Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)

Energy ministers from the Group of Seven nations confirmed readiness to ⁠take necessary steps to support ⁠global energy supplies, ⁠including possible joint release of strategic oil stockpiles, Japan's Industry Minister Ryosei Akazawa told a ⁠briefing on ⁠Tuesday.

The International Energy Agency (IEA) hosted a meeting of G7 energy ministers at its headquarters in Paris, chaired by Minister Roland Lescure of France, which holds the G7 presidency.

At the virtual meeting, the agency provided an update on its view of the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.

Lescure said the group is prepared to release emergency stockpiles if required.

“We are ready to take the necessary measures, including drawing on strategic reserves to stabilize the market,” Lescure said.

“We are not there yet,” he told reporters in Brussels, after hosting a meeting of G7 finance ministers.

“We are monitoring the markets, the impact on the macroeconomy but also on our citizens,” he said, adding that coordination among major economies remains central to the response.

“Everyone is willing to take measures to stabilize the market, including the US,” Lescure said.

“We have asked the IEA to elaborate scenarios for a potential oil stock release, we need to be ready to act at any moment,” he added.

For its part, the agency said in a statement, “We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.”

European governments are on edge about the prospect of a repeat of the energy crisis they faced in 2022 after Russia ⁠invaded Ukraine, when prices surged to record peaks, forcing some industries to shut down operations.

The EU imports more than 90% of its oil and around 80% of its gas, making European countries highly ⁠exposed to fluctuations in global oil and gas prices.

European Commission chief Ursula von der Leyen is due to propose measures to tackle the politically sensitive issue at an EU summit next week.

Being “completely dependent on expensive and volatile imports” of fossil fuels puts Europe at a disadvantage to other regions, von der Leyen said in a speech.

“Developments in the Middle East remind us once again of the risks of relying still too much on fossil fuels,” von der Leyen said, adding that reducing Europe's nuclear energy sector was a “strategic mistake.”

On Tuesday, the EU called on member states to help consumers and businesses by lowering taxes on energy where possible, as war in the Middle East saw oil and gas prices surge.

“If you are at all able to lower taxes on energy, especially on electricity, there is a huge potential” to reduce consumer bills, EU's energy chief Dan Jorgensen said at Parliament in Strasbourg on Tuesday.

Jorgensen said cutting taxes could help ease the financial burden on households as rising energy costs continue to affect consumers across the union.

According to the European Commission Joint Research Center, around 48 million people in Europe, roughly one in ten, cannot afford to heat their homes adequately.

Business

CEO: Exxon Evacuated Non-essential Middle East Staff

An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
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CEO: Exxon Evacuated Non-essential Middle East Staff

An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)

Exxon Mobil has evacuated non-essential employees from its operations in the Middle East, CEO Darren Woods said in an interview on Tuesday, as the US-Israel war on Iran continues.

Some operations have been scaled back to manage oil inventory levels as traffic through the Strait of Hormuz has been challenged, he said. ⁠Exxon is a ⁠minority partner in oil and gas projects in the UAE, Qatar and Saudi Arabia.

"Our first and highest priority is making sure our people remain safe, and we evacuated folks who weren't critical or essential to the operations that we were providing support for," Reuters quoted Woods as saying.

Traffic ⁠through the Strait of Hormuz, an important waterway between Iran and Oman that sees one-fifth of the world's oil supply pass through it, has effectively halted after Iran threatened to attack tankers that attempt to pass.

US President Donald Trump on Monday threatened to escalate the war with Iran if it blocked oil shipments from the Middle East, even as he predicted a quick end to the conflict.

With exports strained, oil producers have ⁠cut output ⁠at some oilfields as storage capacity runs out.

"The ability to manage ... inventory becomes very challenged, and many of the operations are pulling back simply to manage inventory levels as the logistics in the supply chain and the flow through the Strait get worked (through) with time," Woods said.

About 20% of Exxon's oil and gas production is in the Middle East, according to analysts from Jefferies. Nearly 60% of the US oil major's liquefied natural gas business is concentrated in the region, according to TD Cowen.

Business

EU Opposes Removing Oil Sanctions on Russia to Cool Energy Prices

Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
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EU Opposes Removing Oil Sanctions on Russia to Cool Energy Prices

Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)

EU economy chief Valdis Dombrovskis said Tuesday the European Union did not support removing sanctions on Russian oil despite soaring energy prices, AFP reported.

"We must continue to exert maximum pressure on Russia," he said when asked about US President Donald Trump's announcement he will waive some sanctions on oil, warning easing restrictions would "reinforce Russia's capacity to wage war, undermining Ukraine".