Financial crisis forces Qatar to sell UACC

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Qatar’s crisis is holding up the sale of a shipping company it part owns, one of the latest signs of an emerging corporate fall-out that Doha is facing after Arab countries cut relations in June, sources familiar with the matter said.

For Qatar, the sale of UACC is the responsibility of the Qatar Investment Authority (QIA). But for any sale to go ahead, the UACC board would need to discuss the matter together with Saudi partners, and that is not happening, the sources said.

But for any sale to go ahead, the UACC board would need to discuss the matter together with Saudi partners, and that is not happening, the sources said.

Two possible buyers who emerged before the diplomatic crisis have since shown no interest. No other buyers are in sight, the sources said. Another source added: “Until the sale is done, UACC cannot start on any new projects or buy any new ships. At the moment, everything is on hold and the focus (for UACC) is on cost savings.”

Source Credit: Al Arabiya English
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