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Qatar plans to invest $35 billion in the US over the next five years as the world's richest country on a per capita basis diversifies from Europe and Asia.
The Qatar Investment Authority, or QIA, which helps manage the country's energy-generated wealth, opened an office in New York to "better access new and existing investment partners", the sovereign fund said on Monday.
"It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long-term growth," Shaikh Abdullah bin Mohamed bin Saud Al Thani, chief executive of the QIA, said in a statement.
Qatar said in April that it planned to set up an office for its sovereign wealth fund in New York as it scouts for deals in the US. The Doha-based fund controls more than $250 billion, according to the Las Vegas-based Sovereign Wealth Fund Institute, and has deployed the nation's riches on assets ranging from British bank Barclays to Volkswagen, whose shares have slumped since the automaker said it cheated on US emissions rules.
"The Arabian Gulf nation will target various sectors of the US economy, creating many American jobs," Qatar's ambassador to Washington DC Mohammed Al Kuwari said in Twitter postings.
The fund "remains committed to its investments in Europe, Asia and the Middle East", it said in the statement.
"With world economies, markets and currencies often moving in different cycles and rhythms, the importance of a globally diversified investment portfolio is central to the QIA."
Last year, the QIA, which has about $334 billion of assets according to industry tracker Sovereign Wealth Centre, said it planned to set up a $10 billion investment venture with China's Citic Group to diversify from retail and property assets in Europe. The fund also said it planned to invest as much as $20 billion into Asia in the next five years, and expand its offices in Beijing and New Delhi.
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