Update – Qatar Draws on Strength of European Financial Brands
The government of Qatar is eager to stimulate the local financial services industry. The Qatar Financial Centre Authority is flexing its muscle to lure international financial organizations to Doha counteracting Dubai’s ability to charm financial firms. Unlike Dubai, Qatar has a massive pool of liquid assets to deploy from commodity revenues.
In April 2012, QIA board member Hussain Al Abdulla said the sovereign fund has US$ 30 billion to deploy.
In the United Kingdom, Qatar Holding plans to purchase Harrod’s private banking arm, Harrods Bank Limited. Started in 1893, the banking service operates from the Harrods store in Knightsbridge. [Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]