The bank said in a regulatory filing that the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, sold its 17.7 percent stake in ABC to the central bank of Libya for an undisclosed sum.

ABC had assets worth $26 billion on its balance sheet at the end of the third quarter.

Libya is seeking to expand its investments in the Gulf’s financial industry. It also owns a stake in Bahrain-based First Energy Bank.

Gulf Arab banks are also eying entering the Libyan banking industry that is slowly opening up to foreign investors.

Meanwhile, in another development, ADS Holding, an Abu Dhabi-based commodities company is planning multi-billion dollar investments in African infrastructure with three other firms and is near to closing three deals shortly, the Financial Times reported on Thursday.

ADS Holding has a 40 percent stake in the new company Baobab Investments, which focuses on emerging markets in the Middle East and Africa. 

ADS Holding will focus on long-term development of commodities-based industries and on commodities trading, the report said, citing the chief executive of Baobab.

The launch of Baobab comes at a time when resource-hungry markets in Asia and the Middle East are increasingly looking to Africa to secure food, oil and minerals.

Grindrod, South Africa’s largest shipping company, holds a 35 percent stake in Baobab and Hutchinson Port Holdings has a 10 percent stake. The World Bank’s International Finance Corporation holds the remaining 15 percent.

Baobab will invest across the supply chain in the trade of agriculture goods and minerals, including ports, railways and airports.