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Fri 16 Apr 2010 03:58 PM

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Qatari fund takes 5% stake in France's Veolia

Qatari Diar to also be appointed to the French water and waste group's board.

Qatar state-owned investment firm Qatari Diar agreed to take a five percent stake in Veolia Environnement in a partnership to pursue infrastructure and utilities projects in the Middle East and North Africa.

Qatari Diar has indicated it will hold the stake for three years, Veolia said on Friday. The unit of the Qatar Investment Authority would also be appointed to the French water and waste group's board.

"(The deal) will strengthen Veolia Environnement's position in a strategic area which continues to offer important growth opportunities, notably in obtaining public service contracts," Chief Executive Antoine Frerot said.

Qatari Diar plans to involve Veolia in developing its projects in the Middle East, Europe and Africa to take advantage of the company's expertise in public services and sustainable development, Group CEO Mohammed bin Ali Al Hedfa said in a statement. (Reuters)

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