Qatar has committed to spend $35 billion in the United States over the next five years, continuing the countries’ diversification from investments traditionally focused on Europe.
Qatar’s acquisitive sovereign wealth fund, the Qatar Investment Authority (QIA), gave the figure on Monday in a statement announcing the opening of an office in New York, which it said was a sign of its confidence in the United States and the wider Americas.
“It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long-term growth,” Sheikh Abdullah bin Mohamed bin Saud al-Thani, chief executive of the QIA, said in a statement.
The QIA, which has about $334 billion of assets according to industry tracker Sovereign Wealth Center, said in April it planned to open the office in the city.
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.