Qatar is preparing to buy a stake in Egypt’s most famous telecommunications company for $2.5 billion

According to Bloomberg East, the Qatari Investment Authority is in talks to buy a 20% stake in Telecom Egypt in Vodafone Egypt.

Telecom Egypt owns up to 45% of Vodafone Egypt, which will fall to 25% if the deal goes through.

The Qatar Investment Authority intends to buy Telecom Egypt’s 20% stake in Vodafone Egypt and a number of non-listed companies for $2.5 billion.

Previously, Faisal bin Thani Al Thani, head of investment in Africa and Asia at the Qatar Investment Authority, said that their current visit to Egypt, during which they visited several Egyptian tourist cities, increased their admiration for Egypt’s tourism potential and excellent infrastructure in the cities. included in their visit sparked their enthusiasm to invest in Egypt’s tourism and hospitality sectors, whether in existing hotels or through investment and construction of new hotels.

The Accor CEO confirmed that they are already in Egypt with investments through the right to use the management of the Sofitel El Gezirah and other hotels.

Egypt and Qatar have agreed to recruit investments and partnerships in Egypt totaling $5 billion in the coming period in the context of expanding economic and investment cooperation between the two countries during a meeting between Egyptian Prime Minister Dr. Mustafa Madbouli. with Sheikh Mohammed bin Abdul Rahman Al Thani, Deputy Prime Minister and Minister of Foreign Affairs of the State of Qatar, and Ali bin Ahmed Al Kuwari, Minister of Finance of Qatar.

Source: Bloomberg.