28 January, 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
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
11/27/2012 QATAR - UNITED NATIONS
Doha, fears and doubts about the UN conference devoted to climate change
06/27/2011 CHINA
Wen in Europe to boost trade and ensure bond purchase
08/19/2011 ASIA
Fears play out on Friday as shares plunge and gold hits record level

Editor's choices
IRAQ
The children of Mosul and the future: the "five-star" refugee camp
by Bernardo CervelleraIn the garden of the parish of Mar Elia beside the tents there are containers that serve as classrooms for the children and as a library. Another serves as a room for sewing. A children's choir. Fr. Douglas: "Taking care of refugees does not just mean thinking about eating, drinking, medicines, injections, vaccinations ... The displaced persons need to do something and to cultivate hope."
IRAQ
Way of the Cross: the refugees from Mosul beyond the emergency
by Bernardo CervelleraThere are at least half a million people who have taken refuge in Kurdistan to flee from ISIS. In the Shlama Mall at Erbil: 350 people living in the skeleton of a building under construction, with draped sheets and blankets serving as walls. The ordination of a young man, also a refugee, shows that with the flight, there is something that has not been destroyed: the faith, the traditions, the priesthood.
IRAQ - VATICAN
As 'Adopt a Christian from Mosul' continues, Mosul bishop notes that Jesus is born amid refugee containers
by Amel NonaPersecuted by the Islamic state, refugees have lost everything: belongings, home, jobs, school, and their future. Yet, their faith and mission remain strong. For them, almost 900,000 euros have been raised and sent. Pope Francis sends a message of closeness. The campaign continues according to the Patriarch of Baghdad's proposal of fasting and moderation at Christmas and New Year, with the money saved offered to the Christians of Mosul.

Dossier

by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
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.