Qtel plans joint venture with QIA
Qtel and Qatar Investment Authority are in discussions to form a joint investment vehicle
Qtel is in talks to form a joint investment venture with the country's sovereign wealth fund, according to a report from Reuters.
"The company confirms that it is in discussion with the Qatar Investment Authority regarding the establishment of a joint investment vehicle, the details of which are yet to be finalised," Qtel said in an emailed statement.
"The potential fund would not, however, represent any change to Qtel's existing strategy and would be focused on telecom and telecom-related ventures. Further details will be released in due course," the statement added.
News of the discussion first appeared in Qatar's daily El Raya newspaper, which quoted Qtel's chairman, Sheikh Abdullah bin Mohammed al-Thani, as saying the two parties were about to sign an agreement.
According to the El Raya report, al-Thani said that the two companies had agreed to invest in opportunities in the telecommunications and IT sectors abroad.
Qtel operates in 17 countries in the Middle East, Africa and Asia, and is 55 percent owned by the Qatar Investment Authority, according to Reuters.