Qatari Sovereign Fund deposits $1B with Egypt's Central Bank

CAIRO - 9 November 2022: The Qatar Investment Authority (Qatar's sovereign wealth fund) has deposited $1 billion with the Central Bank of Egypt as the gas-rich Gulf state nears a deal to acquire a state stake in some of the North African country's major companies.

 

The $445 billion Qatar Investment Authority moved the money amid discussions about its acquisition of state-owned stakes in Egyptian companies, according to Bloomberg.

 

In October, some news came out that the Qatari sovereign fund had entered advanced talks to invest $2.5 billion in a number of Egyptian companies, including Vodafone Egypt, which was denied by Telecom Egypt.

 

Under the potential agreement, the Qatar Investment Authority will acquire 20% of Vodafone Egypt from Telecom Egypt.

 

Earlier this year, Qatar deposited $3 billion in the Central Bank of Egypt.

 

In the first quarter of 2022, the Central Bank obtained $13 billion from the Gulf states, as short-term deposits, with $10 billion from Saudi Arabia and the UAE, equally, and $3 billion from Qatar.