|11-06-2014, 08:40 AM||#1|
Qatar Investment Authority to initiate $10 billion fund in China
The Qatar Investment Authority signed an agreement on Tuesday to launch a $10 billion investment fund in China with Citic Group Corp.
The CEO of the Qatari sovereign wealth fund Ahmed Al Sayed announced the news a conference in Beijing, after earlier saying that the Qatar Investment Authority (QIA) would expand its office in China to increase investment in there.
Al Sayed also said QIA is planning to invest between $15 and $20 billion in Asia across the next five years.
QIA is considering investing in technology, consumer and services and telecommunications industries, Al Sayed said, adding that QIA would consider any promising investment.
QIA is known globally for being one of the most aggressive investors.
There has been a growing interest between the two countries to improve investment opportunities in both China and Qatar, considering the large trade between them.
The People’s Bank of China announced earlier this week it signs a currency swap deal with its counterpart in Qatar worth 35 billion yuan ($5.7 billion).
The deal allowed institutional investors in Qatar to invest up to 30 billion yuan in mainland China, including bonds, bills and stocks.
The agreement is expected open up the massive Chinese market to Qatari investors, with QIA being only the start, especially after the currency swap deal, that made trade and investment opportunities much easier than before.
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