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Europe

Qatar earmarks €10 billion for investment in France

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Text by News Wires

Latest update : 2012-11-08

Qatar may invest up to €10 million in major French companies, the Gulf state's ambassador to France said Tuesday. Qatar, which has vast gas wealth, already owns the Paris Saint-Germain football club and 3 percent of energy giant Total.

Gas-rich Qatar may invest up to 10 billion euros ($12 billion) in big French firms, the ambassador of the Gulf state in France told AFP on Tuesday.

France has proved attractive to Qatari investors who have bought Paris Saint-Germain football club and acquired three percent of energy giant Total as well as stakes in building firm Vinci and in media group Lagardere.

"The 10 billion euros will be Qatari funds in the big French groups for joint projects and for partnerships in third nations," said Mohamed Jaham Al-Kuwari.

"This has not been finalised, it's an idea which is being studied."

Qatar had postponed launching a fund for entrepreneurs from France's deprived suburbs until after the presidential election last May to prevent it becoming a political football. The project has now been revived.

Losing far-right candidate Marine Le Pen had attacked Qatar for investing in what she said were mainly Muslim areas of French cities and said unnamed foreign countries wanted to develop Islamic fundamentalism in France.

(AFP)
 

Date created : 2012-11-07

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