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Qatar to boost US interests with Silicon Valley office
[DOHA] Qatar's sovereign wealth fund plans to open an office in Silicon Valley, as the richest country in the world on a per capita basis builds up technology interests as it tries to diversify away from oil and gas.
The Qatar Investment Authority will open an office in San Francisco "by the end of this year or first quarter of next year," Sheikh Abdullah Bin Mohammed Bin Saud Al Thani, the fund's chief executive officer, said in London on Monday, where he's leading a delegation of more than 400 officials and executives. The fund has already committed 60 per cent of a planned US$35 billion in the US, and announced an additional US$10 billion of funding in December, he said.
"Our aim now and in the future is to focus on infrastructure, healthcare and IT," Mr Al Thani said, adding that the fund's plan for a Silicon Valley office - along with Qatar's own science and technology park - is part of the emirate's plan to transform into a knowledge-based economy. The QIA is still studying whether to invest in the US$100 billion global technology fund formed by SoftBank Group Corp, he said.
The US$335 billion fund, created in 2005 to handle the country's windfall from liquefied natural gas, stepped up the pace of investments as energy prices recovered, buying stakes in Turkey's biggest poultry producer, Russian oil giant Rosneft PJSC and UK energy company National Grid Plc. It also acquired a US$3.5 billion stake in taxi-hailing app Uber Technologies Inc last year.
Mr Al Thani said the QIA is planning £5 billion (S$8.72 billion) of investment in the UK over the next five years, after investing more than £25 billion to date. That will deepen the countries' trade ties as the UK prepares to leave the European Union.
"There is pressure from my board to diversify in terms of geography and asset class, but we are still looking, even after Brexit, for opportunities," he said.