Home / Business News / Qatar sovereign fund may support Qatar Airways, local tasks, CEO says

Qatar sovereign fund may support Qatar Airways, local tasks, CEO says

DOHA, (Reuters) – Qatar Investment Authority (QIA), one of the crucial global’s biggest sovereign price range, may put money into local actual property construction Katara and nationwide provider Qatar Airways because it helps local tasks, its leader government used to be quoted as announcing.

FILE PHOTO: A Qatar Airlines Airbus A350 airplane takes to the air in Colomiers close to Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo

“Katara is in the pipeline and Qatar Airways could be the next one,” the Gulf Times quoted Sheikh Abdullah bin Mohamed bin Saud al-Thani as announcing in a speech past due on Wednesday.

Katara is a significant actual property construction in Doha which contains theatres, galleries and eating places and venues. Qatar’s financial system has been hit this 12 months via an financial boycott imposed via different Arab states on Doha in June.

Sheikh Abdullah didn’t explain his plans for Qatar Airways. The airline is already owned via the federal government, so his feedback may have referred to a recent injection of capital into Qatar Airways, whose industry has been harm via the boycott.

He stated QIA used to be seeking to shape a solution to support many state organisations. Other Gulf nations akin to Saudi Arabia also are mobilising their sovereign wealth price range to assist the home financial system as low oil costs force state price range.

“We will be supporting them financially, we will support them in their organisations, provide them human capital,” Sheikh Abdullah used to be quoted as announcing.

He referred to a “new strategy” for allocating QIA’s cash that allowed it to deal with crises such because the boycott and in addition to grasp new industry alternatives.

“This allows you to move your liquidity from one place to another,” he stated. In the months after the boycott, QIA deposited billions of bucks in Qatari banks to offset the imapct of the opposite Arab states chickening out cash from them.

Reporting via Hadeel Al Sayegh; Editing via Andrew Torchia and William Maclean

Our Standards:The Thomson Reuters Trust Principles.

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