Qatar’s sovereign wealth fund is quietly putting up as much as $2bn in an effort to tempt asset management companies to beef up the country’s stubbornly small financial services industry.
Bankers say the Qatar Investment Authority plans to invest the money in global and regional asset managers setting up in the Gulf state, whose bespoke Qatar Financial Centre has failed so far to draw large volumes of custom.
The Qatar initiative faces competition from other Gulf Co-operation Council states which are trying to win more financial services business by exploiting capital piling up in the oil-rich region and in emerging Asian economies conveniently located to the east.
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