Qatari Diar to set up $3bn global fund

Qatar's $40 billion property investment arm said on Tuesday it had bought a French industrial firm for 1.5 billion euros, planned to develop a $2 billion project in Hong Kong and had set up a $3 billion global fund.

Qatari Diar Real Estate Investment Company's Chief Executive Ghanim bin Saad Al-Saad said the firm would re-evaluate its assets in Europe given the strength of the euro, though it hoped investments in the far East and South America would "balance this".

The real estate arm of sovereign wealth fund, Qatar investment Authority (QIA), expects 25% annual growth in its business.

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