Oct 05 2010 |
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Economic performance: Qatar signs framework deal to invest in Greek project
Qatar has signed a preliminary agreement with Greece to invest US$5bn in various projects. The agreement was signed by the executive director of the Qatar Investment Authority ( QIA ), Ahmed al-Sayyed, and Greece's minister of state in charge of investment, Haris Pamboukis, in the presence of the Qatari emir, Sheikh Hamad, and the Greek prime minister, George Papandreou, on September 24th in New York. The agreement stipulates that the QIA and the Greek government will set up a six-member joint committee within two months to identify possible investment projects, mainly in tourism, real estate, infrastructure and energy. Struggling with recession, rising unemployment, and a large public debt stock, Greece has been seeking investment, especially from China and Arab countries. In May the Qatari prime minister, Sheikh Hamad bin Jassem, signed non-binding agreements to build an LNG terminal and a power station at Astakos, western Greece (May 2010, Economic performance).
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