€ 8 bln in Deutsche Bank?

The second reason is what Qatar itself wants to be. Blessed with a quite remarkable bounty of oil and (in particular) gas for a state of its modest size, its leaders are nevertheless quite aware that the hydrocarbons will eventually run out and that Qatar must have other strings to its bow by then. Its leaders seek to create a knowledge economy, one with diversified sources of wealth and employment, and the Qatar Financial Centre is a key part of that. As it happens, banking itself is not one of the priorities of that centre – they are more around asset management and insurance – but nevertheless, the steady accumulation of stakes in western banks should be seen in that context. Credit Suisse, for example, has found itself closely involved in asset management partnerships in Qatar since the cash injection, and it’s possible that the Qataris may have similar ambitions in mind with Deutsche.

A third point to consider is the vehicle through which the stake has been acquired.

This is not Qatar Holding, through which the QIA generally makes its investments; it is instead a vehicle acting on behalf of the royals.

This is curious, because it raises a question about the role the stake is supposed to play in Qatar’s finances. But it is not so unusual. The Barclays stake was bought partly through a similar investment vehicle, and there are an increasing number of examples of entities outside of the QIA buying landmark stakes: the 5% stake in Bharti Airtel, for example, was bought not by the QIA or Qatar Holding but through the Qatar Foundation, while the stake in the Paris St Germain football team is different again. Ultimately, insiders say, it’s still the same handful of people making the decisions on big investments, and the vehicle which is used for one purchase or another is not always key.

Ultimately, it’s all a matter of convenience: Deutsche needs money, and Qatar has it in abundance – along with patience for its investments to turn good.