Kuwait’s sovereign wealth fund KIA is planning to acquire minority stakes in four to five companies in Egypt over the next two years, said Ashraf El Khatib, who heads the M&A division of KIA investment arm Ekuity Holding. KIA is eyeing companies operating in food and pharma, El Khatib said. The news comes on the heels of Ekuity participating in Cairo-based VC firm Sawari Ventures’ recent closing of a new tech fund that raised USD 28 mn (EGP 440 mn) from a handful of local institutional investors. Ekuity was the only regional investor to contribute to the fund’s closing. Ekuity, which owns close to 50% of prominent local lender the Arab African International Bank, acquired 30% of Egypt’s Nile Aluminum and Metals Company (AluNile) back in 2019 after buying out a stake that was held by the Ezdehar Egypt Mid-Cap Fund.

OTHER INVESTMENT NEWS- Kima wants to get in on bitter blocker production: The Egyptian Chemical Industries (Kima) is planning to set up a new USD 350 mn JV with the Arab Organization for Industrialization and an unnamed private sector partner focusing on bitter blockers, Kima's VP Walid El Rasheed tells Al Mal. The feasibility study of the new company — in which Kima will hold a 15% stake, valued at USD 50 mn — has been conducted and the establishment phase began, El Rasheed said.