Qatar considers selling sovereign asset to deal with boycott
DOHA: Qatar has been looking into ways to sell assets belonging to its sovereign fund to overcome a state need for “liquidity.”
Sources told Bloomberg News that Doha is already selecting brokers to deal with selling a hotel chain managed by Intercontinental Group in the cities of Cannes in France, Amsterdam and Frankfurt.
The source added that Qatar is still considering its option and will reach a decision soon.
Qatar, according to Bloomberg, owns $320 billion in sovereign assets — looked after by its Qatar Investment Authority. Doha, according to Bloomberg, is using its fund to make up for lost revenue and investment due to a boycott by four Arab countries — Saudi Arabia, UAE, Bahrain and Egypt.
In reaction to the Bloomberg announcement, Qatar Investment Authority’s hotel division said it does not have plans to sell properties it owns in Europe.
“There s no intention to sell any of these assets and its not even a topic discussed,” Sheikh Nawaf bin Jassim bin Jabor Al-Thani, Chairman of Kaara Hospitality said