Qatar Investment Authority opens New York office

Estimated to be worth about $250 billion, the QIA has built up a string of stakes in a few of the world’s largest corporates, including Royal Dutch Shell, Barclays and Volkswagen.

Qatar said in April that it planned to set up an office for its sovereign wealth fund in New York as it scouts for deals in the United States.

In this regard, the Qatar Investment Authority (QIA), the sovereign wealth fund of the country, has opened an office in the United States, enabling it to develop and expand its global investment portfolio.

The Qatar Investment Authority revealed its U.S. investment plans in a statement announcing the opening of an office in New York.

The sovereign wealth fund held a stake of nearly 13 percent in VW’s preferred shares and 17 percent in the ordinary stock, according to data compiled by Bloomberg.

The value of its holding in the automaker might taken a €3.8-billion hit after last week’s controversy about rigged emissions testing according to commentators.

It also marks QIA’s desire to continue its diversification, which is a key objective established by its strategic review. Qatar’s sovereign fund maintains it presence in several markets as part of its balancing act mechanism.

The fund, along with other investors, previous year agreed to acquire American Express Co.’s business-travel division for $900 million.

While the fund has focused on investments in Europe it has in recent times sought to diversify its portfolio, including earmarking about $20 billion for Asia and signing a $10 billion joint venture with China’s CITIC Group Corp. Holding assets right from real estate to blue chip companies including Total and Credit Suisse, Qatar Investment Agency is exploring possible investment opportunities in Americas.

It has a strong track record of investing in different asset classes, including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets.