DOHA: Qatar’s wealth fund avoids investing in cryptocurrencies due to their extreme volatility, Bloomberg reported.

Cryptocurrencies “need a bit of maturity before we make our view about investing in that space,” QIA CEO Mansoor Bin Ebrahim Al-Mahmoud said at the Qatar Economic Forum.

Instead of crypto assets, the QIA will focus on continuing to boost investments in Asia and the US as it looks to balance out a concentration of European assets in its portfolio, Al-Mahmoud said.

The fund is also going to be investing more into warehouses in response to the impact of the coronavirus pandemic on retail and office real estate, he said.

Qatar Investment Authority (QIA) is one of the world’s largest sovereign wealth funds with assets estimated at over $360 billion, according to Global SWF.

Bitcoin has lost more than 50 percent from its mid-April high of almost $65,000. The coin started 2021 trading around $29,000 following a fourfold increase in 2020. It bounced back on Wednesday after earlier whipsawing investors with a dip below the $30,000 level.

This year the fund will also look to formalize the process of factoring in environment, sustainability and governance (ESG) considerations into its investment criteria, the Al-Mahmoud said.

“We have been investing in ESG initiatives and projects for quite some time, and this year it will be institutionalized,” he said. “We will embed ESG into our investment process,” he said.

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