Qatar First Bank sells Amanat stake

Qatar First Bank has sold its stake in Amanat Holding, a Dubai-listed healthcare and education company.

The bank made the sale through a subsidiary, Astro AD Cayman, for a sale price of 150 million dirhams ($41 million).

“Conclusion of this deal will not negatively affect in any way on financial position of the bank, and the deal has been concluded in full accordance with the standard common commercial practices,” said a statement from Qatar First Bank.

Reports have put the deal in the context of the worsening relations between the UAE and Qatar, which cut their diplomatic ties this summer.

Countries including the UAE, Saudi Arabia and Bahrain have placed an embargo on Qatar, which they accuse of supporting extremism. Qatar has described the embargo as an assault on its sovereignty.

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