UAE Firm Buys 30% Stake in Egypt Tobacco Giant for $625 Million

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A United Arab Emirates investment firm bought a 30% stake in Egypt’s largest tobacco company for $625 million, the latest step in the North African nation’s ambitious program to offload state assets and raise sorely-needed foreign currency.

The UAE firm, identified by Egypt’s cabinet as Global Investment Holding Ltd., will also provide Eastern Company with $150 million for the purchase of raw materials for manufacturing, the Egyptian government said in an Arabic-language statement on its Facebook page. It gave no further details about the investor.