Qatar fears European curbs on wealth fund buys

Qatar is worried about the effects of European legislation on sovereign wealth funds and is willing to cooperate with Europe on its economic crisis, Qatar’s Prime Minister and Foreign Minister Sheikh Hamad bin Jassim Al Thani said. “We have some agreements but not with everyone, not as we want,” Sheikh Hamad 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 €1bn ($1.3bn) commitment to invest in Greek mining companies. The Gulf emirate will also acquire a 10 percent stake from Ellaktor SA and will have an option to buy another five 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 with the voting rights remaining at Daimler, Handelsblatt reported Sept. 28, without saying how it got the information.The deal would mark the latest in a series of investments in European assets by Qatar. The Gulf state’s wealth fund counts luxury London department store Harrods and stakes in Barclays, retailer J Sainsbury’s and the London Stock Exchange among its investments. Qatari Diar, Qatar Investment Authority’s property arm, in August announced it had won a bid to buy London’s Olympic Village in a £557m in a joint deal with the UK developer Delancey. Sheikh Hamad said he is ‘‘worried’’ that European politicians have done ‘‘too little too late’’ to solve the ongoing economic crisis.