Qatari Diar buys 5% stake in Veolia

17 Apr 2010

(MENAFN) A Qatari fund said that it will buy a five percent stake in French utility giant Veolia in a partnership to develop joint projects in the Middle East and North Africa, The Peninsula reported.

The value of the stake being bought by Qatari Diar, a subsidiary of Qatar’s sovereign wealth fund Qatar Investment Authority (QIA), would be around $874 million.

The deal will lead to common projects in the infrastructure and public services sector in the Middle East and North Africa and could be extended to other countries in which the Qatari fund has a presence, Veolia said.

Qatari Diar will also be appointed to Veolia’s board of directors, subject to approval at the French giant’s annual shareholders meeting on May 7.

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