Qatar Investment Authority in talks for stakes in Alexandria Containers, Eastern Company
The Qatar Investment Authority is negotiating with the Egyptian government for stakes in Alexandria Container & Cargo Handling Company and Eastern Company, sources familiar with the matter revealed to Daily News Egypt.
The authority aims to take 10 to 20% of the shares held by the Holding Company for Maritime and Ground Transportationwhich currently stands at around 35%.
The agreements are expected to be implemented by the end of this week.
The sources added that the Emir of Qatar Tamim bin Hamad Al-Thani is also expected to visit Egypt in the coming weeks, after which investments worth $20 billion will be announced, some of which will be injected into areas and green energy projects, in addition to memorandums of understanding.
The sources said the agency is also interested in investing in a number of non-governmental companies, particularly Cairo Investments.
They also said that part of the investments will be injected into the clean energy sector, either by acquiring existing projects or by establishing new projects in Egypt in cooperation between the Egyptian Sovereign Wealth Fund and the Qatari body.
Baker McKenzie’s office will act as legal adviser to the Egyptian government on the deal, while Matouk Bassiouny will act as legal adviser to the Qatari side, and Al-Ahly Pharos will serve as the implementation adviser.
According to data from the Sovereign Wealth Fund Institute (SWFI), the Qatar Investment Authority ranks ninth in the world with assets of $450 billion.
Egypt is racing against time to meet a number of conditions set by the International Monetary Fund to approve a new loan program for Egypt.
Goldman Sachs has estimated the financing gap that Egypt needs from the International Monetary Fund at around $15 billion.