Qatari Diar Acquires 5% Stake in Veolia, Gets Seat on Board

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Qatari Diar, a unit of the country’s sovereign wealth fund, acquired a 5 percent stake in Veolia Environnement SA to work on joint projects.

The purchase “reflects the two groups’ mutual ambition to work together on infrastructure and utilities projects in the Middle East and North Africa,” Veolia, the world’s biggest water company, said in an e-mailed statement today.

Qatari Diar will be appointed to the board of directors of Veolia and has indicated “it will hold its stake and its voting rights for three years,” Veolia said.