The UAE’s Abraaj Capital and US firm Kellogg continue to battle it out to take over Egyptian cake and biscuit producer Bisco Misr, a fight that suggests foreign investor appetite in the North African country is beginning to return.

The Egyptian financial regulator has extended the deadline for the UAE’s private equity firm Abraaj to make an offer up until 24 December, the same deadline as rival Kellogg. The bidding period was due to end of December 17.

Kellogg is currently offering EGP82.2 per share, a more appealing offer than Abraaj’s current bid of EGP80.58.

This year-to-date, the current government has been taking steps to improve investor confidence in the companies listed on the Cairo exchange.

Since the revolution of 2011, investors have been nervy about stability of Egypt’s economy, but in the past six months the government has been developing legislation that will improve the investor environment in the country.