One of the Middle East’s largest sovereign wealth funds has opened its first US office, citing a $35 billion investment in the country.
The Qatar Investment Authority (QIA), which is estimated to have around $250 billion in assets, had announced its plans for a New York City base in April. These plans were expanded upon by tweets from the emirate’s ambassador to the city on Sunday.
“Honored to join opening of Qatar Investment Authority’s office in NY which the Amir entrusted to vanguard our economic cooperation [with] the US,” tweeted Mohammed Al Kuwari.
His comments outlined plans by one of the world’s smallest nations to invest in the largest economy on the planet.
“Qatar aims to invest $35 billion over the next five years in various sectors of the US economy, creating many American jobs,” the ambassador said.
“We believe in the economy of this country and the future of this country.”—Sheikh Tamim Bin Hamad Al ThaniDespite other wealth funds from the Middle East operating international offices, Qatar has become one of the few to announce its expansion and intent.
In a visit to the White House after a meeting with President Obama in February, Amir of Qatar Sheikh Tamim Bin Hamad Al Thani stressed the economic relationship between the two nations.
“We are investing in this country,” said the Amir. “We believe in the economy of this country and the future of this country.”
According to the QIA website, the fund holds a broadly diversified portfolio and invests in a range of liquid and illiquid securities. The fund operates direct and indirect investment teams and cites the majority of its assets as being invested outside Qatar.
“QIA office is expected to operate across many sectors of the US economy in a manner that reflects our common values,” concluded the ambassador’s tweets.
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