Qatar, Citic Group to Put $5 Billion Each in Investment Platform
Qatar’s sovereign wealth fund and China’s Citic Group will put $5 billion each into an investment platform, said Ahmad Al-Sayed, chief executive officer of the Qatar Investment Authority.
The platform is for “new opportunities” and could put money into existing Citic businesses, Al-Sayed told reporters in Beijing today. A memorandum of understanding was signed today, with the deal to be finalized in coming months, he said. A spokeswoman in Hong Kong for Citic, a state-owned investment corporation, said she couldn’t immediately comment.
The Qatar fund in October made its first major acquisition in Asia, buying a stake in Hong Kong department-store owner Lifestyle International Holdings Ltd. The fund is targeting about $15 billion of investments in China, north Asia and Singapore in the medium to long term, a person familiar with the matter said last month.
Source: bloomberg- Qatar, Citic Group to Put $5 Billion Each in Investment Platform
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