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UAE fund acquires 25% of firm owned by Egypt billionaire Naguib Sawiris

Egyptian businessman Naguib Sawiris takes to the red carpet at the closing ceremony of the 2nd El Gouna Film Festival on 28 September 2018 in Hurghada, Egypt [Jonathan Rashad/Getty Images]
Egyptian businessman Naguib Sawiris takes to the red carpet at the closing ceremony of the 2nd El Gouna Film Festival in Hurghada, Egypt on 28 September 2018 [Jonathan Rashad/Getty Images]

The UAE's Chimera Investments acquired a 25 per cent stake in the Egyptian firm Gemini Holding owned by businessman Naguib Sawiris, Al-Shorouk newspaper reported yesterday.

Citing unnamed sources, Al-Shorouk said this was at a cost of $100 million, bringing the total capital of Gemini Holding to $400 million.

Chimera Investments LLC is an Abu Dhabi-based private investment firm which is part of Royal Group. The parent company is made up of some 60 entities with 20,000 employees spanning real estate to fast moving consumer goods, healthcare and aviation.

Gemini, the Sawiris family's private equity arm, invests in everything from real estate to private equity.

READ: Naguib Sawiris trends on social media as critics accuse him of hypocrisy

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