The “Qatari sovereign” ends investment deals in Egypt worth $2.7 billion

Informed sources revealed that the Qatar Investment Authority – the sovereign fund – is close to finalizing agreements with Egyptian government agencies to conduct investment deals in the market, worth about $2.7 billion.

The sources added, in exclusive statements to Al-Mal, that the investment deals that will be announced during the current month include the acquisition of stakes in government companies in various sectors, including communications and petrochemicals.

It is noteworthy that “Al-Mal” revealed last November that the “Qatari sovereign” aims to acquire a share – the percentage of which was not disclosed – in the shares of the chemical industries company “Kima” during the coming period.

Last September, “Al-Mal” alone targeted the Qatari sovereign to acquire a stake of up to 25% of the shares of the Eastern Company (Eastern Smoke Company), in addition to his interest in investing in “Alexandria Container Handling”.

The sources pointed out that the Qatari sovereign fund’s acquisition of part of Telecom Egypt’s stake in Vodafone Egypt will be among the list of investment deals that will be announced soon, noting that its value may revolve around levels of one billion dollars.

Last September, Al-Mal revealed that the Qatari fund was seeking the approval of the Telecommunications Regulatory Authority, in preparation for the implementation of its acquisition of 25-45% of Vodafone Egypt, in agreement with the Egyptian Sovereign – the sales agent of Telecom Egypt.

It is noteworthy that Bloomberg revealed in early November that the State of Qatar had deposited one billion dollars in the Central Bank of Egypt.

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She indicated that the aforementioned Qatari deposit will be used as part of the expected value of investment deals amounting to $2.7 billion.

He said that Dr. Mohamed Maait, Minister of Finance, said – in previous statements last June – that Qatari officials discussed with the government to inject investments ranging from 2 to 3 billion dollars into the Egyptian market, by buying shares in local companies.

The current year 2022 witnessed the implementation of several Gulf acquisitions, including Saudi and Emirati sovereign funds, on stakes in 9 companies listed on the stock exchange, with a total value of $3.1 billion.

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