Qatar looks to invest us$5 billion in greek economy

Greek real estate and tourism are two of the areas Qatar are looking to invest in, according to a signed memorandum...

Greece and Qatar will look at cooperating on promoting investment projects and opportunities between the Qatar Investment Authority and its affiliates and the Hellenic Republic, according to a copy of the memorandum e-mailed today by Greek Prime Minister George Papandreou's office.

The countries will focus on investments in real estate, tourism, transport, port or airport facilities, banking and finance, joint ventures, energy and other industries, when and as agreed by the two states, according to the memorandum.

The Qatar Investment Authority intends to invest with an aggregate target budget of as much as US$5 billion, according to the memorandum.

Papandreou is seeking foreign investment to help Greece return to growth. The economy is expected to contract 4% this year and 2.6% in 2011, before resuming growth in 2012.

The non-binding memorandum was signed in New York yesterday in the presence of Papandreou and Pamboukis, who has responsibility for investment.

Source: BI-ME with Bloomberg