The international investment arm of the Kyriakou Family, called K Group, and the investment fund of Qatar, the Qatar Investment Authority (QIA), have announced the creation of a $1 billion investment fund for Greece and abroad.
About the Fund
K Group will manage the fund and also invest its own capital, focusing on technology, telecommunications, transport, logistics, shipping, health, tourism and others, both in Greece and internationally.
The fund is expected to benefit Greece and the Greek economy in many ways, including through the creation of new jobs that will attract personnel with high levels of expertise.
Although the shareholder and Chairman of K Group, Theodore Kyriakou, is the Chairman of the Greek media Antenna Group, the announcement by K Group states that the fund will not target the media sector.
In the press release, Kyriakou said “We are excited to begin this partnership with QIA. We believe that the Greek economy creates attractive prospects and opportunities for domestic as well as international investors. This agreement is perfectly aligned with our long-term commitment to create sustainable and growing businesses in different industries.”
Meanwhile, the CEO of QIA, Mansoor Al-Mahmoud, said, “QIA’s commitment to investments in Greece signals our confidence in the dynamics of the Greek economy, which, driven by the attraction of foreign direct investment in recent years, continues to outpace the Eurozone in terms of growth rate. Just like QIA, K Group’s philosophy is based on a long-term vision and commitment to fast-growing industries that offer solutions.”
Political Context
Greeck Prime Minister Kyriakos Mitsotakis was in Qatar last February for a working visit, where he was received by the Emir of Qatar Sheikh Tamim bin Hamad Al Thani. The two reportedly discussed energy, investments and security issues.
In May, the Emir visited Greece, for the first time, where the President of Greece received him. The two countries further explored how they could deepen bilateral relations and Prime Minister Mitsotakis expressed Greece’s interest in attracting capital and investments from the wealthy Gulf State, especially in terms of energy-related projects.
K Group and QIA
K Group maintains a wide portfolio in shipping, media, real estate and asset management. K Group’s vision stems from its long history, its values and its long-term strategy for developing its existing and future investments. Its also maintains a broad portfolio of international media assets (TV, OTT, Radio, Cinemas, Digital Media, Music, Publishing and Education) in Europe, North America and Australia.
QIA is Qatar’s investment authority is one of the largest and most active sovereign wealth funds worldwide and was established in 2005 to manage the state’s reserve funds. QIA says that it invests in a wide range of asset classes and regions, and in partnership with leading institutions around the world, with the aim of creating a global and diversified investment portfolio with a long-term perspective.
