Qatar sovereign fund to invest $35 billion in US

Updated 28 September 2015

Qatar sovereign fund to invest $35 billion in US

DUBAI: Qatar’s government investment fund is making a big bet on the US economy.

Qatar Investment Authority said it is opening an office in New York and is committed to investing $35 billion in the US over the next five years.
The announcement represents a major vote of confidence by the sovereign wealth fund in the US.
The new office will give the fund better access to investment partners and help it pursue its goal of diversifying its portfolio, the QIA said.
“With boots on the ground, our presence in New York will anchor our interest in the region,” Sheikh Abdulla bin Mohammed bin Saud Al-Thani, the fund’s CEO, said in a statement.
“It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long term growth.”
The fund, founded in 2005, and other Qatari government-linked investors traditionally have invested heavily in Europe, snapping up headline-grabbing trophies such as stakes in prominent London properties and the Paris Saint-Germain soccer team.
Well-known names in the QIA portfolio include Britain’s iconic Harrods department store, stakes in banks Barclays and Credit Suisse, and a chunk of the company that runs London’s Heathrow Airport.
The fund is also a major investor in Volkswagen AG. That investment that has lost billions of dollars in value in recent days as the German automaker’s share price plunged after it admitted rigging diesel emissions to pass US tests.
The QIA’s existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co.
Qatar Airways, meanwhile, has been rapidly expanding the number of routes it flies to US cities, provoking a backlash from American carriers.
Washington considers Qatar an important ally in the Arab world.
The country’s vast Al-Udeid air base outside the capital, Doha, hosts American bombers, support aircraft and the forward headquarters for US Central Command.
The Sovereign Wealth Fund Institute estimates the QIA manages some $256 billion in investments.

Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018

Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.