Related News

Home » Business » Economy

Qatar's sovereign wealth fund reports profit in Q1

Qatar's prime minister said yesterday that the country's sovereign wealth fund realized "US$7 billion or US$8 billion" in profits from its investments in the first quarter of 2009.

Sheik Hamad Bin Jassem Al Thani also stressed that his country remains committed to its investment in Barclays Plc, offering another vote of confidence in the British bank after Qatar Holding LLC - the main investment arm for sovereign wealth fund Qatar Investment Authority - in April reduced its stake in Barclays to 5.8 percent through the sale of 35 million shares.

"We intend to retain our shares because we want (to) be long term investors, and we realized excellent profits" in the investment, Sheik Hamad said at a business leaders gathering in the Qatari capital.

Sheik Hamad said the QIA's investment gains over the first quarter contrasted sharply with losses of over US$4 billion last year.

Like most sovereign wealth funds run by the Gulf Arab nations, the QIA does not usually report figures about its financial situation. But analysts estimate that the global economic meltdown has cost such funds over US$90 billion.



Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend