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Qatar opens investment arm to shareholders

DOHA, Qatar (AP) - A senior official with Qatar's sovereign wealth fund says it will create a new investment company open to shareholders in the energy-rich Gulf nation.

The move appears part of a wider strategy to spread the country's vast wealth among Qatar's citizens at a time when Gulf leaders are increasingly nervous about Arab Spring-inspired unrest.

Hussain al-Abdullah, the vice chairman of Qatar Holding, told reporters Tuesday the new investment vehicle will have $3 billion in state seed money and float another $3 billion in shares that are only available to Qataris.

Al-Abdullah said the long-range goal is to have $12 billion for additional Qatari acquisitions around the world, including shares, bonds and real estate.

Qatar Holding is the investment arm of the country's sovereign wealth fund.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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