Qatar Sovereign Wealth Fund Invests in Empire State Building

Qatar Sovereign Wealth Fund Invests in Empire State Building

Qatar’s sovereign wealth fund has bought an almost 10% stake in the company that owns New York’s iconic Empire State Building, the official QNA news agency reported Wednesday.

“Qatar Investment Authority (QIA) has acquired $622-M in shares in the Empire State Realty Trust,” the news agency said.

The investment equates to a 9.9% stake in the trust.

The company owns 9 office properties in midtown Manhattan, including the Empire State Building.

The multi-billion-dollar QIA was set up in Y 2005 to manage Qatar’s huge surpluses from sales of Crude Oil and Nat Gas.

Notable investments over the past 11 years include a stake in the Volkswagen Group (OTCMKT:VLKAY) and the purchase of luxury British retailer, Harrods.

The Empire State acquisition comes almost a year after Qatar’s Ambassador to the US, Mohammed Al-Kuwari, announced that his country would invest $35-B in the US economy over the next 5 years.

The Empire State Building, opened in May 1931, stands 1,454 feet high and was once the world’s tallest building.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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