A sovereign wealth fund in Abu Dhabi has bought five Egyptian companies listed on the stock exchange for $1.88 billion.

The Egyptian Stock Exchange issued a statement in which it clarified that the market witnessed the implementation of six large-scale transactions on the shares of five listed companies, namely Commercial International Bank, Fawry Banking and Payment Technology Services, Abu Qir Fertilizers and Chemicals Industries, Misr Fertilizers Production (MOPCO), and Alexandria Container and Cargo Handling.

Though the statement did not name the buyer, several sources reported that it is a sovereign wealth fund in Abu Dhabi and that the selling parties are the state-owned Al-Ahly and Egypt Banks.

Sold shares in Commercial International Bank amounted to 17.1% ($91.45 million), Abu Qir Fertilizers and Chemicals Industries 21.25% ($391.9 million), Misr Fertilizers Production (MOPCO) 20% ($266.5 million), Alexandria Container and Cargo Handling 33% ($186 million), and Fawry Banking and Payment Technology Services 2.6% ($123.37 million), according to stock exchange data.

According to experts, the Egyptian government seeks to sell its shares in several companies due to the lack of dollar resources. The debt instruments market witnessed the exit of about 15.8 billion dollars since the Russian-Ukrainian crisis.