Qatar Investment Authority (QIA) has announced it will invest $35bn in the US over the next five years. The body has opened an office in New York.

The investments will be part of the sovereign wealth fund’s long-term geographical diversification strategy.

The announcement comes following news that the Saudi Arabian Monetary Agency (Sama) has pulled $50bn-$70bn of assets from global funds since oil prices fell in mid-2014, according to the UK’s Financial Times.

Other GCC sovereign wealth funds are also thought to be liquidating assets to reduce government deficits as oil revenues fall.

“With boots on the ground, our presence in New York will anchor our interest in the region,” Abdullah bin Mohammed bin Saud al-Thani, CEO of QIA, said in a statement.

“It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long-term growth.”

QIA has assets of $256bn, according to the US-based Sovereign Wealth Fund Institute. However, the Financial Times estimates that the fund has lost $12bn this quarter due to exposure to troubled German carmaker Volkswagen, Swiss-based commodities giant Glencore and the Agricultural Bank of China.