Abu Dhabi’s ADQ to invest $2bn in Egyptian state-owned stakes: Bloomberg

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Updated 22 March 2022
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Abu Dhabi’s ADQ to invest $2bn in Egyptian state-owned stakes: Bloomberg

RIYADH: Abu Dhabi’s sovereign wealth fund ADQ will invest $2 billion to acquire stakes in some state-owned Egyptian businesses, Bloomberg reported citing unnamed sources.

The agreement encompasses an 18 percent stake in Egypt’s largest listed bank, CIB, along with four other listed companies including e-payment provider Fawry.

ADQ is a long term investor in Egypt. 

It acquired Egyptian pharmaceutical Amoun a year ago from Bausch Health Cos for $740 million.

Later in the same year, a consortium led by UAE-based Aldar Properties and ADQ sealed a deal to buy Egypt’s real estate developer SODIC for $388 million.

The deal comes at a time when the Egyptian economy is suffering from the fallout of the Russia-Ukraine war as foreign investors pull out billions of dollars from Egypt's markets. 

The value of the currency devalued sharply against the dollar on Mar. 21 and the central bank hiked interest rates by 100 basis points for the first time since 2017.


Jordan’s capital spending hits $1.97bn in 2025, achieves record budget execution rate

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Jordan’s capital spending hits $1.97bn in 2025, achieves record budget execution rate

JEDDAH: Jordan’s capital spending surged 20 percent in 2025 to 1.4 billion dinars ($1.97 billion), achieving a record 96 percent execution rate as the government boosted growth, infrastructure, and development projects nationwide.

This aligns with government directives to implement capital projects funded under the General Budget Law, aimed at stimulating economic growth and accelerating economic activity, according to Jordan News Agency, Petra.

Jordan’s record 2025 capital spending supports its Economic Modernization Vision, funding strategic infrastructure, energy, and industrial projects to drive growth, create jobs, and strengthen fiscal and economic resilience.

The increase also reflects the government’s strategy to encourage private sector participation while enhancing public services and infrastructure across the Kingdom.

“According to preliminary financial data, capital spending increased by approximately 230 million dinars by the end of 2025, or 20 percent, compared with 2024,” Petra reported.

It added: “With this increase, the ratio of actual capital spending to targeted allocations under the 2025 General Budget Law reached about 96 percent, marking the highest execution rate on record, compared with an average of 82 percent in previous years.”

Detailed figures show that approximately 333 million dinars were spent on projects under the Economic Modernization Vision, while around 180 million dinars were allocated to municipal development and 123 million dinars to decentralization initiatives in the governorates.

An additional 55 million dinars supported projects of the Jordan Tourism Board, as per the same source.

Capital funding also targeted major initiatives, including 50 million dinars for initial works on the National Carrier Project, part of the government’s planned 250 million dinars investment. 

A further 29 million dinars went toward completing Princess Basma Hospital, supplying natural gas to industrial zones, maintaining school buildings, and rehabilitating roads nationwide.

Allocations were also directed to upgrading computer systems and advancing the digital transformation of services across several ministries.

Looking ahead, Jordan’s 2026 budget is set to build on the momentum of 2025 by prioritizing the second phase of the Economic Modernization Vision.

With capital spending estimated at 1.6 billion dinars, including 400 million dinars for EMV projects, the government plans over $10 billion in strategic investments across water, energy, and transport, health, as well as infrastructure, largely in partnership with the private sector and funded primarily from external sources.

Flagship projects such as the National Water Carrier, the Aqaba–Shidiyah/Maan–Ghor Al-Safi railway, and the Risheh gas pipeline are expected to spur growth, create jobs, and enhance public services, while fiscal discipline and transparent oversight seek to maintain macroeconomic stability and expand reliance on domestic revenue for public spending.