The Qatar Investment Authority is negotiating with the Egyptian government for shares in Alexandria Container & Cargo Handling Company and Eastern Company, sources close to the Daily News Egypt said.
The authority is aiming to acquire 10 to 20% of the shares owned by Keep company to the Maritime and country transportwhich is currently around 35%.
The deals are expected to be implemented by the end of this week.
The sources added that Qatar’s Emir, Tamim bin Hamad Al-Thani, is expected to visit Egypt sometime in the next few weeks, after which US$20 billion worth of investments will be announced, some of which will go to land and green energy projects will. in addition to declarations of intent.
The sources said the agency is also interested in investing in a number of non-state-owned companies, most notably Cairo Investments.
They also said that part of the investment will go to the clean energy sector, whether through the acquisition of existing projects or the establishment of new projects in Egypt in cooperation between the Egyptian sovereign wealth fund and the Qatari corporation.
Baker McKenzie’s office will play the role of 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 act as adviser on implementation.
According to 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 series of conditions set by the International Monetary Fund to approve a new lending program for Egypt.
Goldman Sachs estimated the funding gap Egypt needs from the International Monetary Fund at about $15 billion.