Qatar eyeing more German investments: minister

17th December 2010, Comments 0 comments

Gas-rich Qatar, already heavily involved in car giant Volkswagen and construction group Hochtief, is eyeing further investments in Germany, Economy and Finance Minister Yussef Hussein Kamal said on Friday.

"We've only just begun in Germany," Kamal told the Financial Times Deutschland in an interview, adding the emirate has its eye on the IT sector and the small- and medium-sized firms that form the backbone of Europe's top economy.

Sovereign wealth fund Qatar Holding has an estimated 100 billion dollars under management.

"We have already begun negotiations with some small and medium firms," the minister said without citing individual companies.

"We have to import everything, including construction expertise ... This is an opportunity for German firms," he said.

Earlier this month, Qatar bought a 9.1-percent stake in Hochtief, a company which is the subject of a takeover bid from Spanish rival ACS.

Hochtief is now eyeing some juicy contracts as Qatar prepares to host the 2022 Soccer World Cup.

Qatar holds some 17 percent of Volkswagen. Outside of Germany, Qatar owns 26 percent of British supermarket chain Sainsbury and 100 percent of Luxury department store Harrods.

© 2010 AFP

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