UK-based Qatar Investment Fund (QIF) may consider investing in the UAE following the boost in tourism in Dubai during the Arab Spring.
“We are constantly monitoring the region and there are attractions in Dubai. Hotel occupancy rates and business start ups have increased and those are key factors. It is a market we want to monitor quite closely,” says David von Simson, chairman of QIF.
At the moment 96 per cent of the company’s fund is invested in Qatari equities with 57 per cent of it allocated to the banking sector. QIF also has investments in Oman. The company can only invest up to 15 per cent of its fund in GCC markets outside of Qatar.
“Qatar is the most attractive market. This is a country with the highest gross domestic product (GDP) growth and the highest population growth. They have a very strong financial situation thanks to its natural resources and they are pursuing policies which will result in a lot of revenues being invested back into the country’s infrastructure and developmental needs,” says Simson.
QIF’s net asset value as of the end of October this year is $239m. It has no plans to raise any more money at the moment due to the currently financial troubles across the world.