DOHA: Qatari investments in three European companies have yielded the country profits to the tune of QR2.3bn ($631m) in the first quarter (Q1) of this year, a Local Arabic daily reported yesterday.
Qatar holds stakes in many other key European businesses but the Q1, 2011 financial results of these companies are not yet disclosed, the daily said.
One of the companies whose results are hard to have is London's Harrods, the daily said. Qatar has 20 percent stake in London Exchange as well.
Qatari investment in a major European automaker is 17 percent and the country also holds nine percent shares in a European construction major.
This construction giant will provide support to Qatar in launching mega projects for the 2022 world soccer event, according to the daily. The improving European economy is, thus, likely to help generate more revenues for Qatar.
Qatar's investments in Europe are part of its strategy to diversify its investment portfolio. The country invests its surpluses.
The daily said the Prime Minister and Foreign Minister, H E Sheikh Hamad bin Jassem bin Jabor Al Thani, earlier announced that Qatar will be investing a whopping $30bn overseas this year.
© The Peninsula 2011
