QIA to form JV with China's CITIC, expand Asia offices
Qatar Investment Authority (QIA), the Gulf state's sovereign wealth fund, will set up a $10 billion joint venture fund with China's CITIC Group.
The two parties signed a memorandum of understanding this week and a deal is expected to be completed in the coming months. Each party will contribute $5 billion to the fund.
In a statement, Ahmad Al-Sayed, CEO of QIA, said that the sovereign fund was open to new partnerships and is looking to invest $15-20 billion in the next five years. It is also planning to expand its offices in Beijing and New Delhi.
QIA was recently among a group of investors that bought a $5.1 billion stake in CITIC Pacific, a unit of Citic Group, which was acquiring assets from its parent as part of China's efforts to restructure state-owned enterprises. QIA was also a cornerstone investor alongside Temasek when CITIC Securities went public in 2011.
Last month QIA bought a 19.9% stake in Lifestyle International Holdings - a Hong Kong-listed retailer whose properties include SOGO department stores - for HK$4.78 billion ($616.2 million).
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