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Qatar Concerned New European Regulations May Hamper Sovereign Wealth Funds

Posted by vmsalama on October 22, 2011

A short one from the World Economic Forum at the Dead Sea, Jordan (Click here for original link):

By Vivian Salama

Oct 22, 201

Bloomberg — Qatar is concerned about the effects of European legislation on sovereign wealth funds and is willing to cooperate with Europe on its economic crisis, Prime Minister Sheikh Hamad bin Jassim Al Thani said.

“We have some agreements, but not with everyone, not as we want,” Sheikh Hamad, who is also the country’s foreign minister, told reporters today at the World Economic Forum in Jordan. “Discussions are under way with some European countries to resolve certain regulatory hurdles, such as taxation. We are worried that there will be new regulations that can make obstacles for our sovereign wealth fund.”

Qatar has already agreed several investments in Greece, including a 1 billion-euro ($1.3 billion) commitment to invest in Greek mining companies. The Persian Gulf emirate will also acquire a 10 percent stake from Ellaktor SA and will have an option to buy another 5 percent from the Greek construction company, Ahmad al-Sayed, the chief executive officer of Qatar Holdings, said on Oct. 1.

Qatar may buy a 7.5 percent stake in European Aeronautic, Defence & Space Co. from Daimler AG with the voting rights remaining at Daimler, Handelsblatt reported Sept. 28, without saying how it got the information.

Sheikh Hamad said he is ‘‘worried’’ that European politicians have done ‘‘too little too late’’ to solve the ongoing economic crisis.


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