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Sri Lanka resorts, real estate eyed by Qatar investment fund

COLOMBO, Oct 27, 2014 (EconomyNext) – Qatar Holding, the global investment arm of the Qatar Investment Authority, one of the biggest sovereign wealth funds in the Middle East, wants to buy Sri Lankan resorts and shopping malls, an official said.

"We are also looking to invest in Colombo’s share market,” said Mohammad Saif Al Suwaidi, Head of Industrials at Qatar Holding. "Our minimum overseas investments are 100-150 million US dollars per project."

Qatar Holding, which has investments in 30 countries, is not looking at starting new development or construction projects but instead looking for outright purchase of completed and implementation ready assets as its entry strategy, Al Suwaidi told Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka, during a meeting.

Among QH’s diverse international holdings are the UK retailer Sainsbury, Deutsche Bank, Credit Suisse, Bank of America and Agricultural Bank of China.

A statement quoted Al Suwaidi as saying the Qatar Fund prefers to deal with Sri Lanka’s large corporates, rather than medium or small scale firms.

"We are interested in buying completed real estate and properties; for example, a completed resort hotel here or some such finished real estate projects. Specially, we are keen on shopping malls and shopping arcades ready for implementation."

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