{"id":14346,"date":"2025-03-17T16:54:19","date_gmt":"2025-03-17T16:54:19","guid":{"rendered":"https:\/\/www.watanserb.com\/en\/?p=14346"},"modified":"2025-03-17T16:55:35","modified_gmt":"2025-03-17T16:55:35","slug":"uae-acquires-egypts-banque-du-caire-in-a-controversial-1-billion-deal","status":"publish","type":"post","link":"https:\/\/www.watanserb.com\/en\/2025\/03\/17\/uae-acquires-egypts-banque-du-caire-in-a-controversial-1-billion-deal\/","title":{"rendered":"UAE Acquires Egypt\u2019s Banque du Caire in a Controversial $1 Billion Deal"},"content":{"rendered":"<p><em><strong>Watan<\/strong><\/em>-Journalist Mohamed Nasser, in his program on Mekameleen TV, exposed a shocking acquisition deal in which the United Arab Emirates (UAE) purchased Banque du Caire\u2014one of Egypt\u2019s oldest and most prestigious banks\u2014for just $1 billion, significantly lower than previous offers. Some have labeled the deal \u201csuspicious\u201d, raising serious concerns about Egypt\u2019s economic future and the UAE\u2019s increasing control over key state institutions.<\/p>\n<div class=\"flex flex-1 grow basis-auto flex-col overflow-hidden\">\n<div class=\"relative h-full\">\n<div class=\"flex h-full flex-col overflow-y-auto [scrollbar-gutter:stable]\">\n<div class=\"mt-1.5 flex flex-col text-sm md:pb-9\">\n<article class=\"group\/turn w-full text-token-text-primary focus-visible:outline-2 focus-visible:outline-offset-[-4px]\" dir=\"auto\" data-testid=\"conversation-turn-29\" data-scroll-anchor=\"true\">\n<div class=\"text-base my-auto mx-auto py-[18px] px-6\">\n<div class=\"mx-auto flex flex-1 text-base gap-4 md:gap-5 lg:gap-6 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"group\/conversation-turn relative flex w-full min-w-0 flex-col agent-turn @xs\/thread:px-0 @sm\/thread:px-1.5 @md\/thread:px-4\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 whitespace-normal break-words text-start [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"098b5397-85d8-4803-8b65-8b462c683fa9\" data-message-model-slug=\"gpt-4o\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<h3 data-start=\"542\" data-end=\"601\">Who Truly Benefits from the Banque du Caire Sale?<\/h3>\n<p data-start=\"602\" data-end=\"996\">Banque du Caire, founded in 1952, is a major financial institution with assets exceeding $7 billion, serving three million clients in <a href=\"https:\/\/www.watanserb.com\/en\/2024\/02\/25\/decoding-egypts-economic-strategy-the-intrigue-of-the-ras-el-hikma-deal-and-its-global-impact\/\">Egypt<\/a> and abroad. In 2008, the Egyptian government rejected a $2 billion offer for the bank. Now, 17 years later, it has been sold for less than half that value, sparking doubts over the timing and motives behind the sale.<\/p>\n<figure id=\"attachment_14347\" aria-describedby=\"caption-attachment-14347\" style=\"width: 864px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"wp-image-14347 size-full\" src=\"https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis.jpg\" alt=\"UAE investments Egypt\" width=\"864\" height=\"576\" srcset=\"https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis.jpg 864w, https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis-300x200.jpg 300w, https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis-768x512.jpg 768w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><figcaption id=\"caption-attachment-14347\" class=\"wp-caption-text\">Egypt UAE relation<\/figcaption><\/figure>\n<h3 data-start=\"998\" data-end=\"1057\">UAE\u2019s Growing Control Over Egypt\u2019s Banking Sector<\/h3>\n<p data-start=\"1058\" data-end=\"1219\">The acquisition of Banque du Caire is not an isolated case\u2014the UAE has taken control of several Egyptian financial institutions in recent years, including:<\/p>\n<ul data-start=\"1220\" data-end=\"1518\">\n<li data-start=\"1220\" data-end=\"1308\">2007: Abu Dhabi Islamic Bank acquired the National Bank for Development.<\/li>\n<li data-start=\"1309\" data-end=\"1366\">2013: Emirates NBD purchased Pravda Bank.<\/li>\n<li data-start=\"1367\" data-end=\"1435\">2021: First Abu Dhabi Bank acquired Bank Audi Egypt.<\/li>\n<li data-start=\"1436\" data-end=\"1518\">2025: Emirates NBD began the process of acquiring Banque du Caire.<\/li>\n<\/ul>\n<h3 data-start=\"1520\" data-end=\"1587\">Economic &amp; Security Risks: Who Controls Egyptians&#8217; Money?<\/h3>\n<p data-start=\"1588\" data-end=\"2010\">According to Mohamed Nasser, these UAE acquisitions mean that millions of Egyptian banking records are now in Emirati hands\u2014and potentially in Israeli hands, given Abu Dhabi\u2019s close ties with Tel Aviv. He pointed out that in the past, Israel spied on Egyptian newspapers to gather family and demographic details\u2014but now, they could directly access financial data through UAE-controlled banks.<\/p>\n<h3 data-start=\"2012\" data-end=\"2066\">UAE Expands Control Over Egypt\u2019s Key Sectors<\/h3>\n<p data-start=\"2067\" data-end=\"2314\">Beyond banking, UAE investments have extended into agriculture, food production, pharmaceuticals, education, and healthcare, granting unprecedented control over Egypt\u2019s economy. Some of the most significant Emirati takeovers include:<\/p>\n<ul data-start=\"2315\" data-end=\"2943\">\n<li data-start=\"2315\" data-end=\"2432\">Agriculture: The UAE now owns 28,000 hectares of farmland and is Egypt\u2019s top wheat and corn producer.<\/li>\n<li data-start=\"2433\" data-end=\"2571\">Food Industry: Emirati companies like Al Dahra dominate major crop production, including onions, beets, and citrus fruits.<\/li>\n<li data-start=\"2572\" data-end=\"2683\">Pharmaceuticals: The UAE acquired Amon Pharma, one of Egypt\u2019s largest pharmaceutical companies.<\/li>\n<li data-start=\"2684\" data-end=\"2826\">Retail Sector: UAE-owned Majid Al Futtaim Group operates Carrefour Egypt, while Lulu Group controls Lulu Hypermarkets.<\/li>\n<li data-start=\"2827\" data-end=\"2943\">Ports &amp; Logistics: Abu Dhabi Ports has taken over key logistics projects in Egypt\u2019s strategic ports.<\/li>\n<\/ul>\n<figure id=\"attachment_14348\" aria-describedby=\"caption-attachment-14348\" style=\"width: 800px\" class=\"wp-caption alignleft\"><img decoding=\"async\" class=\"wp-image-14348 size-full\" src=\"https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis5.jpg\" alt=\"UAE Acquires Egypt\u2019s Banque du Caire in a Controversial $1 Billion Deal\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis5.jpg 800w, https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis5-300x225.jpg 300w, https:\/\/www.watanserb.com\/en\/wp-content\/uploads\/2025\/03\/sis5-768x576.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-14348\" class=\"wp-caption-text\">The UAE\u2019s takeover of one of Egypt\u2019s oldest banks<\/figcaption><\/figure>\n<h3 data-start=\"2945\" data-end=\"2994\">Could Egypt Face a Sudan-Like Scenario?<\/h3>\n<p data-start=\"2995\" data-end=\"3390\">Nasser warned that Egypt could follow in Sudan\u2019s footsteps, where the UAE has been accused of supporting the Rapid Support Forces (RSF), fueling violence and instability. The Sudanese envoy to the UN even accused Abu Dhabi of attempting to divide Sudan. This raises concerns over whether the UAE could use its growing economic leverage in Egypt for similar political influence.<\/p>\n<h3 data-start=\"3392\" data-end=\"3450\">Call to Withdraw Funds from UAE-Controlled Banks<\/h3>\n<p data-start=\"3451\" data-end=\"3571\">In his closing remarks, Mohamed Nasser urged Egyptians to withdraw their money from UAE-controlled banks, stating:<\/p>\n<p data-start=\"3573\" data-end=\"3751\" data-is-last-node=\"\" data-is-only-node=\"\">&#8220;If you boycott companies that support the occupation, then you should also consider withdrawing your funds from banks that have become tools for propping up Israel\u2019s economy.&#8221;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Watan-Journalist Mohamed Nasser, in his program on Mekameleen TV, exposed a shocking acquisition deal in which the United Arab Emirates (UAE) purchased Banque du Caire\u2014one of Egypt\u2019s oldest and most prestigious banks\u2014for just $1 billion, significantly lower than previous offers. Some have labeled the deal \u201csuspicious\u201d, raising serious concerns about Egypt\u2019s economic future and the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":9739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[59,1376],"class_list":["post-14346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reports","tag-egypt","tag-the-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UAE Acquires Egypt\u2019s Banque du Caire in a Controversial $1 Billion Deal - Watan<\/title>\n<meta name=\"description\" content=\"The UAE acquires Banque du Caire for $1 billion, sparking concerns over Egypt\u2019s economic independence.. 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