Qatar steps behind the wheel at Porsche

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Qatar will own a 17 per cent stake in Volkswagen (VW) and Porsche after a merger that will see the sports car maker sit alongside 10 VW brands that include Skoda, Bentley and Audi.

Under the deal, the Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, will receive the stake in options that can be converted into shares of VW, Europe’s largest car maker.

Porsche collected the options as part of its quest to seek ownership of VW, but its bid went awry this year when its sales deteriorated and banks grew reluctant to lend more money to the car maker, which has debts of €10 billion (Dh52.27bn).

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