Qatar’s sovereign wealth fund deposits $1 bln into Egypt’s CBE: Bloomberg

Doaa A.Moneim , Wednesday 9 Nov 2022

The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has deposit $1 billion into the Central Bank of Egypt, which paves the way for the authority to pump new investments into the Egyptian market, Bloomberg said on Wednesday.

Egypt s CBE. AFP
Egypt s CBE. AFP


According to reports in October, QIA is looking to purchase the state’s stakes in mobile network operator Vodafone (20 percent), one of the biggest mobile network operators in the country, with total of some $2.5 billion

It has also been reported that QIA plans to buy state-held stakes in other companies.

During Egyptian President Abdel-Fattah El-Sisi’s visit to Qatar in September, Egypt and Qatar inked three MoUs, including one signed between the two countries’ sovereign wealth funds.

The visit was the first since the two sides restored relations in 2021 following a regional diplomatic rift.

Qatar has said that it is committed to investing $5 billion in Egypt.

Moreover, Egypt and Qatar signed an MoU in Doha on financial policy coordination between their finance ministries on the sidelines of the Qatar Economic Forum held in June.

Egypt and Qatar have moved to strengthen their newly-restored relations and reach common ground on regional issues since Egypt and the Gulf Cooperation Council (GCC) inked the Al-Ula Declaration with Qatar in January 2021.

In the wake of the agreement, Egypt and Qatar held rounds of talks to develop relations, eventually forming the Egyptian-Qatari Joint Committee to foster and strengthen these ties.

The QIA’s assets under management record $445 billion in 2022, according to Sovereign Wealth Fund Institute.

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