The Abu Dhabi Investment Authority (ADIA) plans to offload half of its stake in Qatari telco Ooredoo Group.

As reported by Reuters earlier this week, ADIA will sell 160.5 million of its existing shares in the company.

The sale could generate as much as $572 million for ADIA, with the company pushing to raise additional capital.

Ooredoo is 68 percent owned by the Qatari government, while ADIA's existing ownership stake sits at 10 percent. The remaining 22 percent is free float.

In total, Ooredoo operates across nine markets spanning the Middle East, North Africa, and Southeast Asia.

Beyond its home market of Qatar, Ooredoo also operates in Algeria, Indonesia, Iraq, Kuwait, Maldives, Oman, Palestine, and Tunisia, where it has close to 150 million customers combined.

The Abu Dhabi Investment Authority, established in 1976, is the UAE sovereign wealth fund, investing on behalf of the government of Abu Dhabi.