Home Industry Food Abu Dhabi’s ADQ is said to eye stake in top Egyptian dairy firm Deliberations are in the early stages and there’s no certainty ADQ will proceed with any transaction by Bloomberg June 3, 2021 ADQ is considering acquiring a stake in Juhayna Food Industries as the Abu Dhabi sovereign wealth fund pursues more deals in Egypt, according to people familiar with the matter. Abu Dhabi’s newest state fund has been weighing a potential investment in Egypt’s largest dairy and juice producer, the people said, asking not to be identified as the matter is private. Shares in Juhayna have fallen 29 per cent in Cairo trading this year, giving the company a market value of 4bn Egyptian pounds ($254m). Deliberations are in the early stages and there’s no certainty ADQ will proceed with any transaction, the people said. A representative for ADQ wasn’t immediately available for comment, while a spokesperson for Juhayna couldn’t immediately provide comment. ADQ has been among the most active Middle East investors since its inception in 2018 and has been looking beyond the United Arab Emirates for deals. Egypt has been a region of focus, with ADQ committing to invest $10bn alongside the country’s sovereign wealth fund. Last year, ADQ agreed to partner with LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, by investing $1bn to back the grocer’s expansion in Egypt. And in March, it bought an Egyptian pharmaceuticals company from Bausch Health Cos. for $740m. Founded in 1983 by Safwan Thabet, Juhayna manufactures more than 200 products and employs over 4,000 people, according to its website. Its share price has taken a hit since late 2020 after authorities detained Thabet and then his son, Seifeldin Thabet, who is chief executive officer and deputy chairman. Tags Abu Dhabi dairy Egypt investors Juhayna Food Industries stake 0 Comments You might also like Wizz Air launches first long-haul service from Abu Dhabi to Milan Egypt’s central bank leaves overnight interest rates steady Aldar unveils new luxe villa community on Yas island Saudi’s flynas launches flights to Abu Dhabi, Sharjah