During the global recession, the richest country in the world had a growth of 42%. Qatar sovereign fund assets exceeded this spring $100 billion, according to an official of the authority for investments in Doha, Hussein al-Abdullah. Qatar has accumulated budgetary surpluses as a result of natural gas and oil resources and increasing energy prices worldwide.
Asked whether fund assets exceeded $100 billion, Abdullah said, “it’s a lot more”, without giving figures, according to AFP. The funds invest money earned in assets abroad, especially in France such as Total, in which Qatar has a 3% stake, or group LVMH, with a 1% participation.
The emirate took over the soccer club Paris Saint-Germain (PSG), is the largest shareholder in the media group Lagarde with over 10%, owes 5% of Veolia Environnement and 5.6% of the construction group Vinci.
Berlusconi sells the AC Milan soccer club to the investors from Qatar that bought PSG. The UK is also very appealing to the Arab emirate. High above London, the Shard building, the tallest in Europe, is a monument of glass, steel and ambition. And it is the most representative symbol of domination of Qatar on Britain.
In East London, Qatar has full ownership of the financial district Canary Wharf, as most of the buildings belong to the Songbird Estates group. When Barclays had financial problems, Qatar Investment Authority (QIA – a financial emirate vehicle established in 2005 to place its resources in various types of investments) became the main shareholder of London’s financial center.
Beyond Stratford, Olympic Village rises and after the Olympic Games, this summer, QIA took it over. Also, the most exclusive shop in London – The Harrods, but also the most expensive housing complex – Hyde Park are owned by the emirate Qatar.
Qatar buys 20% of BAA, Heathrow airport operator, for €1 billion. A sovereign fund with assets worth tens of billions of dollars in portfolio, QIA has already invested 10 billion pounds in the UK, far more than originally planned.
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