Dubai Group pumps $22mn into Egypt glass maker

Dubai Group has acquired a 49% stake in an Egyptian glass manufacturer in partnership with Cairo-based private equity firm Citadel Capital, the company said on Sunday.

Dubai Group, part of state-owned conglomerate Dubai Holding, said it has invested 730 million dirhams ($199 million) in Sphinx Glass Company through its subsidiary Dubai Capital Group.

"Our investment in the Sphinx Glass plant reflects our strong belief in Egypt's competitive advantage in the glass industry, not just within the region but also globally," Mustafa Farid Geninah, CEO of Dubai Capital Group, said in a statement.

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