Qatar sovereign fund to invest $35 billion in US

Updated 28 September 2015
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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.


Dutch carrier KLM says it will halt flights to Iran

Dutch carrier KLM. (Shutterstock)
Updated 21 July 2018
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Dutch carrier KLM says it will halt flights to Iran

DUBAI, United Arab Emirates: Dutch airline KLM says it will halt flights to Tehran “as a result of the negative results and financial outlook” following the US withdrawal from the Iranian nuclear accord.
The airline, part of the Air France KLM group, made the announcement in a short statement on its website Saturday.
KLM said its last flight will leave Amsterdam on Sept. 22 and return on Sept. 23.
KLM ceased flights to Tehran in 2013, resuming them in 2016 after the nuclear deal was signed. That deal saw sanctions on Iran lifted in exchange for it limiting its enrichment of uranium.
In May, President Donald Trump pulled America from the atomic accord, imperiling it.
Air France resumed flights to Tehran in 2016 after an eight-year absence. The airline continues its flights.