Qatar In­vest­ment Au­thor­ity aims to reach $45bn in US in­vest­ments

Kuwait Times - - News - DOHA:

Qatar In­vest­ment Au­thor­ity aims to raise in­vest­ments in the United States to $45 bil­lion in the next two years as it re­bal­ances its port­fo­lio of as­sets away from Europe, its chief ex­ec­u­tive said yes­ter­day. The sov­er­eign wealth fund has built up a huge Euro­pean port­fo­lio through stakes in com­pa­nies in­clud­ing Deutsche Bank, Credit Suisse, Lon­don Stock Ex­change and Volk­swa­gen. QIA cur­rently has about $30 bil­lion in­vested in the US, Man­sour Ibrahim Al-Mah­moud told re­porters on the side­lines of a con­fer­ence. “We are talk­ing about $45 bil­lion for the US mar­ket...we are on track for this over the next two years,” he said.

Mah­moud’s pre­de­ces­sor Sheikh Ab­dul­lah bin Mo­hamed bin Saud Al-Thani in 2015 com­mit­ted to in­vest $45 bil­lion in the US over a five-year pe­riod .“Our ob­jec­tive is to bal­ance our port­fo­lio ... cur­rently

we have a lit­tle bit of con­cen­tra­tion in Europe and hav­ing this al­lo­ca­tion to­ward the US mar­ket is to bal­ance the port­fo­lio,” he said. In the US, QIA was look­ing at fun­da­men­tal sec­tors such as real es­tate, tech­nol­ogy or US ex­changes, he said. In one such US deal, QIA and hedge fund El­liott Man­age­ment Corp in Dec 2017 took Gig­a­mon Inc, the US net­work­ing soft­ware com­pany, pri­vate for $1.6 bil­lion.

Mah­moud was speak­ing as US Sec­re­tary of State Mike Pom­peo vis­ited Qatar on a tour of the re­gion. Qatar is at log­ger­heads with Saudi Ara­bia, United Arab Emi­rates, Qatar and Egypt, which have cut off diplo­matic and trans­port ties with Doha, ac­cus­ing it of back­ing ter­ror­ism and cozy­ing up to Iran. Qatar de­nies sup­port­ing ter­ror­ism and its gov­ern­ment is seek­ing to use the sanc­tions en­forced by its neigh­bors as an op­por­tu­nity to de­velop its own in­dus­try and its re­la­tions with other coun­tries.

The value of bi­lat­eral trade be­tween Qatar and the US has dou­bled in 10 years, Qatar’s trade min­is­ter Ali Al-Kuwairi said at the US-Qatar Strate­gic Di­a­logue con­fer­ence. He said the US tops the list of ex­porters to the Gulf na­tion. Kuwairi said bi­lat­eral trade vol­ume reached $6 bil­lion in the pe­riod from Jan­uary to Oc­to­ber last year. The min­is­ter didn’t give the equiv­a­lent fig­ure the pre­vi­ous year but this would be higher than the value for all of 2017, which was about $4.3 bil­lion in bi­lat­eral trade, ac­cord­ing to the United States Cen­sus Bureau. — Reuters

DOHA: US Sec­re­tary of State Mike Pom­peo shakes hands with Mo­hammed bin Ab­dul­rah­man bin Jas­sim Al-Thani, the Deputy Prime Min­is­ter and Qatari Min­is­ter of For­eign Af­fairs, at the Sher­a­ton Grand in the Qatari cap­i­tal yes­ter­day. — AFP

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