DOHA, Qatar (AP) — A senior official with Qatar's sovereign wealth fund says it will create a new investment company open to shareholders in the energy-rich Gulf nation.
The move appears part of a wider strategy to spread the country's vast wealth among Qatar's citizens at a time when Gulf leaders are increasingly nervous about Arab Spring-inspired unrest.
Hussain al-Abdullah, the vice chairman of Qatar Holding, told reporters Tuesday the new investment vehicle will have $3 billion in state seed money and float another $3 billion in shares that are only available to Qataris.
Al-Abdullah said the long-range goal is to have $12 billion for additional Qatari acquisitions around the world, including shares, bonds and real estate.
Qatar Holding is the investment arm of the country's sovereign wealth fund.