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DOHA May 20 Three Qatari state-backed entities,
including the Gulf Arab nation's acquisitive sovereign wealth
fund, are setting up a $1 billion fund to invest in overseas
energy infrastructure assets.
The new fund will be run by Qatar Holding, Qatar Petroleum
International and Qatar Electricity and Water Company
(QEWC), a bourse filing from QEWC said on Monday.
A country with one of the highest per capita incomes in the
world and backed by its huge hydrocarbon wealth, Qatar has been
snapping up assets globally.
The fund will invest outside Qatar "in the fields of power
generation, water desalination and treatment, heating and
cooling systems, provision of fuel as well as fuel loading and
unloading equipment," QEWC said in the statement.
The new company, to be called Nebras Power and will be 60
percent owned by QEWC, with 20 percent held by QPI and 20
percent by Qatar Holding, a separate statement issued later on
"Its initial capital will be $1 billion, with the idea to
provide power outside Qatar," Qatari Energy Minister Mohammed
Saleh al-Sada told a news conference.
"We will focus on the Middle East and parts of the Far East,
including North Africa, where we feel there are opportunities
for investment. This will include both greenfield and existing
projects," QEWC General Manager Fahad al-Mohannadi said.
Qatar Holding, the investment arm of the sovereign wealth
fund, has bought up a string of high-profile assets, ranging
from French soccer club Paris Saint-Germain to stakes in German
sports-car maker Porsche, British bank Barclays
and Swiss lender Credit Suisse.
(Reporting by David French and Regan Doherty; Editing by Alison
Birrane and Mark Potter)