Qatar Investment Authority, the Gulf state’s sovereign wealth fund, is setting up an office in New York as it scouts for deals in the U.S., according to the country’s state news agency.
The Doha-based fund, which controls more than $100 billion in investments, will open an office in New York to manage its growing investment portfolio in the country, Mohammed bin Jaham Al Kuwari, the agency cited Qatar’s ambassador to the U.S. as saying, at a banquet where he addressed representatives of 15 American companies operating in the Gulf Arab country. Qatar, one of the world’s richest countries, will continue spending on projects such as health, infrastructure, railways and the 2022 Football World Cup, which it is hosting, the ambassador said.
Qatar’s sovereign fund has deployed the nation’s riches on assets ranging from British bank Barclays Plc to German automaker Volkswagen AG, with most of its investments so far confined to Europe. It led a group of investors that agreed in January to buy London’s Canary Wharf financial district in a deal that valued owner Songbird Estates Plc at about 2.6 billion pounds ($4 billion).
In a rare U.S. deal last year, the fund, along with other investors, agreed to buy American Express Co.’s business-travel division for $900 million.
Royal family member Sheikh Abdullah bin Mohamed bin Saud Al Thani replaced Ahmed Al-Sayed as chief executive of the fund in December last year.