Qatar in talks to buy state-held stakes in Vodafone Egypt, other firms for $2.5 billion

Qatar Investment Authority (QIA) is in talks to acquire 20 percent in Vodafone Egypt from Telecom Egypt company with $2.5 billion to handle country’s economic fall out during the Russian war in Ukraine, said people with knowledge of the matter.

The deal also includes other companies but the people who asked not to be named because the talks are confidential, didn’t identify the other firms, saying only that they weren’t listed on Egypt’s stock market.

Gulf Arab states have already vowed upward of $20 billion in deposits and investments, while Egypt is close to securing sorely needed International Monetary Fund (IMF) assistance.

The QIA is the Gulf state’s sovereign wealth fund and oversees an estimated $445 billion in assets.