business as usual for qatars 300bn sovereign fund
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

'Business as usual' for Qatar's $300bn sovereign fund

Arab Today, arab today

Arab Today, arab today 'Business as usual' for Qatar's $300bn sovereign fund

Qatar's gas riches have transformed it in recent years into one of the world's wealthiest countries
Doha - Arab Today

The head of the Qatar Investment Authority said Wednesday that the lingering Gulf political crisis was having little impact on the $300 billion sovereign wealth fund of the gas-rich nation.

In a rare public appearance, Sheikh Abdullah bin Mohamed bin Saud Al-Thani, chief executive at the QIA, said there was "no problem" for the fund despite the crisis passing the 100-day mark.

"We are still open for business and business as usual," Sheikh Abdullah said in an address at the Carnegie Mellon University in Qatar.

"We are fine," he added.

Qatar has found itself regionally isolated since June 5 after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut all ties, accusing Doha of bankrolling Islamist extremists and being too close to Iran.

The emirate denies the charges and has moved to realign itself politically and economically.

Pressed on the impact of the crisis several times, Sheikh Abdullah said the QIA's exposure to those countries leading the boycott was "very, very small" and added that the fund would continue its recent policy of targeting hi-tech and infrastructure companies in the United States.

"The future is technology," he said.

Moody's Investor Service said on Wednesday the regional dispute was hurting the economies of all countries involved, with Qatar being impacted the most.

It estimated that around $30 billion flowed out of Qatar's banking system in June and July and that Doha used $38.5 billion in the two months to support the economy.

Among the companies in which the QIA was investing were those in the health sector using hi-tech solutions for cancer treatment, said Sheikh Abdullah.

In 2015 he announced that the QIA would invest up to $35 billion in the United States over the following five years, after targeting high-profile acquisitions in Europe.

Last December it was also announced the fund would invest $10 billion in US infrastructure projects.

He said Wednesday that around half of that $45 billion had been invested.

The QIA has opened an office in New York and will do so soon in the Silicon Valley, he added.

"If you want to invest in the States, you have to have boots on the ground," he said.

Earlier this week it was announced that the QIA and Swiss commodities trader Glencore had sold a major part of a stake they had only recently acquired in Russian oil giant Rosneft to Chinese conglomerate CEFC.

The QIA is considered one of the world's biggest sovereign funds, swollen by Qatar's massive gas and oil revenues.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

business as usual for qatars 300bn sovereign fund business as usual for qatars 300bn sovereign fund

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

business as usual for qatars 300bn sovereign fund business as usual for qatars 300bn sovereign fund

 



GMT 05:03 2017 Saturday ,21 October

EMPC denies transfer to new administrative capital

GMT 10:50 2014 Friday ,07 November

UAE Fables and Folklore

GMT 12:10 2017 Tuesday ,07 March

Poachers kill rare giant elephant in Kenya

GMT 00:31 2016 Thursday ,08 December

Kuwaiti-European group considers investing $1bn

GMT 12:31 2017 Thursday ,06 April

At 73, Barry Manilow comes out of closet

GMT 18:34 2017 Friday ,10 February

Malabar Gold to open 11th Saudi showroom in Jubail

GMT 16:18 2017 Monday ,02 October

Saudi university to open driving school for women

GMT 16:20 2017 Wednesday ,18 October

French parliament adopts tough anti-terror bill

GMT 02:18 2017 Tuesday ,03 October

Egypt's Sisi says spoke to Donald Trump by telephone

GMT 06:51 2017 Wednesday ,31 May

Nokia 3310 now available for purchase in KSA

GMT 08:29 2017 Wednesday ,29 March

Britain to launch EU exit process

GMT 11:12 2016 Sunday ,27 November

GMIS a platform for technology standardisation

GMT 01:28 2018 Friday ,19 January

Emirates announces $16 bn deal

GMT 10:49 2011 Monday ,28 November

Bahraini opposition rebuffs government

GMT 08:53 2017 Friday ,29 December

Israel rabbis lead prayers for rain at Western Wall
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday