COFIDES, the Spanish state-owned financial institution, and Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, signed today a Memorandum of Understanding (MoU) which will focus on the identification of potential joint investment opportunities in both Spain and Qatar.

The agreement was signed by Mr. Mansoor Ebrahim Al-Mahmoud, Chief Executive Officer of QIA, and Mr. José Luis Curbelo, Chairman of COFIDES.

This MoU will enable both institutions to explore business opportunities and investments in technology-enabled sectors, as well as in areas supporting energy transition initiatives, including renewable energy, clean transportation, and the circular economy.

COFIDES and QIA will share expertise and knowledge on opportunities that may arise from private or public stakeholders, including in the case of COFIDES, projects supported by ‘Next Generation EU’ funding, in the context of Spain´s Recovery, Transformation and Resiliency Plan.

COFIDES´s Chairman, José Luis Curbelo, said: “By combining COFIDES expertise in business development and QIA’s long-term investment perspective, both institutions leverage their strengths for the successful implementation of this agreement, which should translate in sound investments aligned with Spain’s economic strategy”.

His Excellency Mansoor Al-Mahmoud, CEO of QIA, said: “QIA has a deep and historic relationship with Spain. This MoU with COFIDES will enable both parties to develop a deeper and more diversified partnership and to support the innovative, tech-driven sectors that will shape Spain’s economy in the years to come.”

The signing of the MoU took place in Madrid during the State visit of Qatar’s Amir, His Highness Sheikh Tamim bin Hamad Al Thani.

ABOUT QATAR INVESTMENT AUTHORITY

Qatar Investment Authority (“QIA”) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar. For more information on QIA, visit its website at www.qia.qa.

ABOUT COFIDES

COFIDES, a State-owned company engaging in the management of State and third-party resources as well as its own funds, pursues several aims, that include the internationalisation of Spain’s economy; the promotion of economic development and reinforcement of the solvency of Spanish companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

For further information, please visit www.cofides.es/en

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