Egypt’s Commercial International Bank (CIB) announced this week that a Dubai firm has bought a 5.24 percent stake in the bank, in the second major investment from Dubai this year in Egypt’s financial sector. Dubai Capital Group, a semi-government-owned holding company, accumulated the stake in Egypt’s largest publicly-traded bank through purchases on the Egyptian and London Stock Exchanges over the past few months, a CIB spokesman said. “This investment (provides) us opportunities in an environment which has been challenged by the changes in the global financial services sector,” Dubai Capital Group chief executive Mustafa Farid Geninah said in a statement from the company. Another Dubai government-owned firm bought a 25 percent stake in another Egyptian company, EFG-Hermes, in November.
