In the context of Egypt’s efforts to increase its financial flows in order to deal with the effects of the Russian war on Ukraine, informed sources stated that Qatar is in advanced talks to buy stakes from the shares of the Egyptian state in the largest mobile phone network in Egypt and a number of other companies.
According to a deal that is anticipated to be finalised by the end of this year, the Qatari Investment Authority will buy 20% of the shares of Vodafone Egypt from the Egyptian-owned Egyptian telecoms business, according to the Bloomberg News Agency.
It is noteworthy that the Qatar Investment Authority, a sovereign wealth fund managed by the Qatari government, has total assets of $445 billion.
The sources added that the companies are unlisted on the stock exchange but withheld the names of others in which the Qatar Investment Authority is interested in investing in Egypt.
The deal will support Egypt’s faltering economy, as the country suffers from global food and energy high since the Russian -Ukrainian war in late February and the exit of foreign investors from the local debt market against the background of increasing interest rates in advanced economies.
While Egypt is close to striking an agreement with the International Monetary Fund to acquire a new loan, the Arab Gulf governments have already promised to deliver a $ 20 billion financial assistance package in the form of deposits with the Central Bank of Egypt or investments.
According to sources, Qatar wants to invest $2.5 billion in Egypt.
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