04 Nov 2014
(MENAFN) The Qatar Investment Authority announced signing an agreement with Citic Group Corp in China for the launch of a USD10 billion fund, which will invest in the country, as well as having plans of expansion to its China office, Arabian Business reported.
QIA, which is estimated to have around USD170 billion, is also expanding its Beijing office after the Authority made the decision to invest between USD15 billion and USD20 billion in Asia in the next five years, with the fund currently considering different sectors to invest in including the consumer and service industry and tech, media and telecommunications.
“We’ve just done a deal in Europe, and we’ll continue doing deals in Europe. But as a global fund, also we need to diversify asset allocations and geographical location but we will continue in Europe, of course,” QIA’s Manager said.
Qatar, which also owns trophy assets such as stakes in Barclays, Credit Suisse, Tiffany & Co and Canary Wharf Group, announced last month that it acquired USD616 million worth of stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China.
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