26 November, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile

mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato

e-mail this to a friend printable version

» 08/17/2012
Qatar buying up crisis-stricken Europe
About US$ 4.3 billion are invested in real estate and other assets, including the London Olympic Village and the British capital's skyscraper. The year to mid-August spending is equal to six weeks of revenue from liquefied natural gas exports. Last year's gas revenue totalled US$ 36 billion.

Doha (AsiaNews/Agencies) - Qatar invested US$ 4.3 billion in the past 12 months to buy up European companies, assets, luxury properties and football teams, making it largest sovereign property buyer in the European Union. The deals including the London Olympic Village and a mall on Paris' Champs Elysees, this according to research by Real Capital Analytics (RCA), a market research and commercial real estate information service provider.

For RCA, spending by the Qatar Investment Authority (QIA) during the year to mid-August equals only about six weeks of revenue from its liquefied natural gas exports.

In 2011, gas revenue totalled US$ 36 billion in a country of 250,000 native residents, which has some 1.2 million foreigner workers.

Since 2007, Qatar invested more than US$ 7 billion in real estate, mostly in London and Paris, funding the construction of the European Union's tallest skyscraper, the Shard, which opened in London just before the London Games. It also owns Harrods department store and has a 27 per cent stake in Songbird Estates, the majority owner of London's Canary Wharf financial district.

In Paris, the QIA bought property worth billions of dollars, including a huge, US$ 615 million hotel on the Champs Elysées.

In France, Qatar's sovereign, Sheikh Hamad bin Khalifa Al Thani, is famous for owning a majority share of the Paris Saint-Germain Football Club, one of the most prestigious outfits in French football.

In Germany, the emirate also has stakes in many companies, like German sports car maker Porsche.

In an interview with Bloomberg in April, Hussain Al Abdulla, a member on the QIA<s executive board, said that its spending strategy has been opportunistic. "We have no asset allocation or geographic allocation. After the financial crisis, all that went in the garbage."

In a few decades, Qatar, Saudi Arabia and Bahrain have used money earned from oil sales to become essential partners in Europe's economy and foreign policy, as evinced in the latest crises in the Middle East.

In Libya, Qatar and Saudi Arabia played a crucial role in funding the rebels and getting Western nations to attack Gaddafi, including specious reporting on al-Jazeera and al-Arabya.

The same appears to be happening in Syria where the two nations are funding and arming Sunni rebels against the Assad regime.

e-mail this to a friend printable version

See also
02/27/2008 QATAR
Doha: European banks are the new target for Arab investments
07/05/2010 ASIA
Chinese banks recapitalise as China follows in the footsteps of Greece
by Maurizio d'Orlando
06/27/2011 CHINA
Wen in Europe to boost trade and ensure bond purchase
Doha, fears and doubts about the UN conference devoted to climate change
08/19/2011 ASIA
Fears play out on Friday as shares plunge and gold hits record level

Editor's choices
Paris Massacre highlights the failure of Muslim integration in Europe
by Catherine FieldThe attack in the heart of France highlights the crisis of Europe’s model of coexistence. Social unrest, poverty and marginalisation feed youth extremism and radicalisation. A New Zealander journalist, expert on expertise in religion and interfaith dialogue, talks about it after undertaking a journey through the French Muslim world.
For Nîmes imam, Islam should not be held hostage by extremists
by Hochine DrouicheFrench imams condemn the Paris terrorist attacks and disassociate themselves from violence committed in "the name of our religion." At the same time, they ask Muslim communities to dare leading a life of dialogue and friendship with Europeans, without fear or arrogance. For centuries, Muslims have ruled out reason from their religious life. The vice president of French imams bears witness.
AsiaNews marks 12 years: Persecution and hope
by Bernardo CervelleraDespite a worldwide increase of ignorance, indifference and superficiality, many signs of love and hope resist even in the most gloomy situations: the Iraqi mother who gives birth to her child in a refugee camp and smiles even though she has nothing; the Indonesian Muslim mother who blesses her son who became a Christian and a priest; the Chinese Christian families that welcome children thrown away because of the one-child law.


Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.