Qatar’s sovereign wealth fund, the QIA, revealed plans of increasing and diversifying their stakes in both the UK and US.
The Qatar Investment Authority (QIA) announced that they are looking to increase investments in both the United Kingdom and the United States. The plans were announced on Monday in London, where the QIA took part in an investment conference in London
Despite the unknown outcome of the UK’s Brexit efforts, Qatar doesn’t seem to be worried.
When asked about whether or not turbulent Brexit talks would change Qatar’s view, Finance Minister Ali Shareef Al Emadi told Bloomberg that “we look at our investments purely on a commercial basis”.
“We were heavily investing in the U.K. and Europe during the financial crisis. Most of our investments are very much long-term”, he added.
At the moment, Qatar has assets in the UK valued at more than $44 billion (35 billion pounds), they include Harrods department store, the Savoy hotel and the Shard skyscraper, UK’s tallest building.
In the US on the other hand, the QIA has invested 60% of the $35-billion budget they dedicated back in 2015. Last December, they announced that the fund would invest up to $10 billion in infrastructure projects and now seem like they are taking a turn on technology.
While already having a New York City office, the QIA announced that they will be opening an office in San Francisco, California, with an eye on Silicon Valley.
It is estimated that the QIA own as much as $334 billion in assets according to Sovereign Wealth Center.
