• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 4 hours PETROLEUM for humanity 
  • 5 hours Why don't the other GOP candidates get mention?
  • 5 hours Disenfranchised people are angry people - map of global electoral systems
  • 4 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 25 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 4 hours Brexit agreement
  • 43 mins China's Blueprint For Global Power
  • 12 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 14 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 10 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 11 hours 5 Tweets That Change The World?
  • 12 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Erwin Cifuentes

Erwin Cifuentes

Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.…

More Info

Qatari Gas Money Buys Chunk of Empire State Building

Arabs

The sovereign wealth fund of Qatar (the Qatar Investment Authority) purchased 9.9 percent, or approximately US$622 million, in the firm owning and operating the Empire State Building.

As originally reported by CNNMoney, Empire State Realty Trust COO John Kessler praised the purchase announced on Tuesday as an "endorsement" of the company's "irreplaceable assets."

He also called the Qatar Investment Authority (QIA) “one of the most sophisticated and reliable real estate investors in the world”.

Other major shareholders of the Empire State Realty Trust includes Norway's massive sovereign wealth fund, investment firm Shinko Asset Management of Japan, and Australian real estate investor Resolution Capital.

In the approximately eleven years since it was founded, the QIA has also claimed stakes in famous business such as Tiffany, Volkswagen and Credit Suisse. Yet this most recent purchase gives QIA a nearly 10% of the Empire State Realty Trust, which comes as part of a push by the QIA last year to boost investment in the United States by US$35 billion over a span of five years.

The QIA’s moves is the latest jewel in the crown for a Qatari country eager to promote itself as an advancing economic state wealthy from petrodollars. Qatar will host the 2022 FIFA World Cup, and has been on a building boom, although public revenues have been hit hard by the precipitous drop of global oil prices from over US$100 a barrel in the summer of 2014 to around US$50 now.

The QIA, which is estimated to be worth about US$335 billion by the Las Vegas-based Sovereign Wealth Fund Institute, has been increasingly eyeing opportunities in the U.S. Last September, QIA announced plans to open an office in New York, though it did sell its share of film studio Miramax to Qatar-based media group beIN in March for an undisclosed sum.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play