Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK

Qatar’s wealth fund sells $417mn stake in Tiffany & Co

Latest news

    The sovereign wealth fund of Qatar has sold a block of shares in American jewelry retailer Tiffany & Co. valued at as much as $417 million. Qatar is currently at the center of a major diplomatic crisis with neighboring Gulf countries.

    Read more

    Qatar's wealth enough to outlast boycott by Arab neighbors - Central Bank

    According to Bloomberg citing a statement from Morgan Stanley, the Qatar Investment Authority (QIA) sold 4.4 million shares in a block sale via the US bank. The shares were offered at $94.4 – $94.75, sources said.

    The fund will still hold a 9.5 percent stake after the sale through subsidiary Qatar Holding USA LLC.

    Qatar’s $335 billion wealth fund was founded in 2005 to diversify beyond the country’s domestic positioning in natural resources. QIA ranks as the ninth largest globally, according to the Sovereign Wealth Fund Institute. It has an impressive portfolio of assets, ranging from stakes in Volkswagen, Harrods department store, Barclays, Royal Dutch Shell, and LVMH.

    In 2012, the fund made its first significant investment in a US public company by acquiring a 5.2 percent stake in Tiffany. The jewelry retailer known for its diamond rings and blue, ribboned boxes said the investment was a surprise, announcing later it would expand its presence in the Middle East.

    The sale of Tiffany shares comes weeks after QIA reduced stakes in acquired in December in Credit Suisse and Rosneft.

    The fund’s chief executive Sheikh Abdullah bin Mohamed bin Saud Al-Thani said on Wednesday there was “no problem” for the fund despite the crisis going on for more three months.

    Read more

    Qatar banks under Arab boycott seek Asian & European funding

    “We are still open for business and business as usual,” Sheikh Abdullah said as cited by Channel News Asia. “We are fine,” he added.

    According to Moody’s Investors Service, QIA has injected almost $40 billion to support the country’s economy and financial system during the first two months of the crisis.

    The standoff with the Saudi-led coalition has resulted in capital outflows from Qatari banks of about $30 billion in June and July, it said.

    Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt suspended diplomatic relations with the country in June, accusing it of supporting terrorism.

    Doha has denied the accusation, calling the blockade by its neighbors illegal.

    In August Doha requested banks tap international investors to raise financing, instead of mainly relying on government funding as the impact of the boycott put pressure on liquidity.

    The Qatari central bank said the crisis has led to an outflow of around $7.5 billion in foreign customer deposits and a further $15 billion in foreign interbank deposits and borrowings.

    View the original article: https://www.rt.com/business/403306-qatar-fund-stake-tiffany/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    Experts forecast a further $3 to $4 billion could leave in the coming months.

    In the same category are

    ‘Afrin will be your graveyard,’ Kurdish protesters tell Erdogan (VIDEO) Thousands of Kurds braved the rain in the northern Syrian city of Afrin to denounce what they say is Turkish aggression. The protest comes as Ankara a...
    California AG threatens bosses who rat out immigrant workers with $10k fine Amid “rumors” of imminent large-scale immigration raids, California’s attorney-general is warning employers they will be fined up to $10,000 if they p...
    US fosters civil war by arming Ukrainian radicals with heavy weapons – Russian OSCE envoy Russia has accused the US of fueling the conflict in Ukraine after the ultra-nationalist Ukrainian Azov battalion was spotted wielding American-made T...
    Give Piste a Chance: S. Korea’s skiers to train at Kim’s resort Seoul has defended its decision to send its Olympic skiing team to practice at a recently-built North Korean ski resort ahead of the PyeongChang Winte...
    Zambian tour promoters found perfect answer to Trump’s alleged s***hole remark Published time: 19 Jan, 2018 07:51Edited time: 19 Jan, 2018 08:11 These guys in Zambia have taking the proverbial making lemonade out of lemons to a n...
    Digital devotees: Catholic church installs card payments units (PHOTO) Not to be left behind in the digital age, a Catholic church in France has installed card terminals to take donations from willing parishioners. This d...

    Leave a comment

    Your email address will not be published. Required fields are marked *