Abu Dhabi-owned Invest AD's asset management arm has been buying Egyptian stocks this week as the stock exchange reopened after 7 weeks and stock prices reached attractive levels, the firm's CIO said.

'We reduced our position in Egypt to 25 per cent from 14 per cent when the Tunisian revolution broke out and before the Egyptian market closed,' David Sanders told Reuters on the sidelines of a Thomson Reuters Africa investment conference.

'We are already buying Egyptian stocks and for those Egyptian stocks which have long-term potential, we are looking to get back in. We believe the prices a year or two from now will be higher than they are today.'

Invest AD's asset management arm has 'several hundred million dollars' under management in several funds in Africa and the Middle East. Invest AD also invests for its owner, sovereign wealth fund Abu Dhabi Investment Council.

Sanders declined to name which Egyptian stocks the company has been buying.

Egypt's stock exchange closed on Jan 28 amid mass protests that eventually toppled the 30-year rule of President Hosni Mubarak. It opened on Wednesday to avert the 40-day suspension limit that would lead to expulsion from MSCI's closely-followed emerging markets index.

The stock market had fallen 21 per cent this year prior to the closure, and a further 9 per cent on Wednesday, but ended up on the day on Thursday.-Reuters