Abu Dhabi says bought 8 pct of Egypt's EFG Hermes

State-owned Abu Dhabi Investment Authority said it had bought an 8 percent stake in EFG-Hermes and would take a seat on the board of the Egyptian investment bank. The authority invests the oil revenues of Abu Dhabi emirate, the largest member of the United Arab Emirates federation and owner of more than 90 percent of the country s oil reserves. Standard Chartered estimated last year its assets were worth more than $500 billion. Driven by diversification of services into retail products and regional expansion across Gulf markets including Saudi Arabia, EFG-Hermes has remained unaffected by the volatility of regional markets, the authority said in a statement late on Sunday.