Qatar plans to invest $35 billion over the next five years in the United States, as the energy-rich Gulf state diversifies its global stakes, its sovereign wealth fund said Monday.
The Qatar Investment Authority revealed its US investment plans in a statement announcing the opening of an office in New York. The office “will enable QIA to develop and expand its global investment portfolio, with the State of Qatar having committed to investing $35 billion in the United States of America over the next five years,” it said.
QIA said it also “remains committed to its investments in Europe, Asia and the Middle East,” while the New York office “facilitates access to significant investment opportunities”.
Qatar’s portfolio, valued at between $256 billion and $334 billion, includes significant stakes in British supermarket chain Sainsbury’s and the London Stock Exchange, as well as Harrods department store, Valentino fashion house and several top luxury hotels in Europe.
In the U.S., Qatar owns the St Regis Hotels in Washington and Bal Harbour and the Times Hotel in New York (a future W Hotel).
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