DOHA: Qatar’s sovereign wealth fund, with around $300 billion to its name, is shrugging off the country’s diplomatic crisis with its neighbours and planning to expand its holdings.

Its chief executive was quoted on Wednesday as saying there were no plans to liquidate foreign assets, as some investors had speculated, and that the fund would soon announce big new international investments.

“We have just completed a tour of several countries around the world and you will hear about significant investments soon,” Sheikh Abdullah bin Mohamed bin Saud al-Thani, who runs the Qatar Investment Authority (QIA) , told the Lusail newspaper.

Qatar’s economy has been under pressure since June 5 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha, accusing it of backing terrorism, a charge which Doha denies.

Banks from those states have pulled out deposits and loans from Qatar, prompting the QIA to deposit billions of dollars in local banks to prevent them from suffering funding squeezes.

Official data shows Qatar deposited $10.9bn in its banks during June, and commercial bankers believe it has probably deposited more money since then.

Sheikh Abdullah said the sanctions against Qatar had not affected the QIA’s investment strategy.

Published in Dawn, August 17th, 2017

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.