Dubai Group, owned by the emirate, said on Sunday it had acquired a 49-per cent stake in Egypt's Sphinx Glass Company for Dh730 million ($198.8 million) through its subsidiary.

Dubai Capital Group has become the second-largest shareholder in the factory that will produce 220,000 tonnes per year of flat sheets of glass, it said in a statement.

Sphinx Glass is a wholly owned subsidiary of GlassWorks, a firm set up by private equity firm Citadel Capital and other investors, according to the statement.-Reuters