Qatar plans to invest $1.3bn in Italy firms

DOHA: Qatar yesterday agreed to invest as much as one billion euros ($1.3bn) in Italian companies, aiding efforts by Italy’s Prime Minister Mario Monti to breathe life into a weak economy.

A joint venture between Italy’s strategic investment fund and state-owned Qatar Holding will invest in sectors including food, fashion and luxury goods, furniture and design, tourism and leisure, the Italian fund said.

The venture will have capital of up to 2bn euros provided equally by both partners over the first four years, according to the agreement signed during Monti’s visit to Qatar.

The “IQ Made in Italy Venture” will start with 300 million euros of capital.

“We have four or five ideas for investment in Italy. We are studying them at the moment,” Qatari Prime Minister Shaikh Hamad bin Jassim Al Thani said at a news conference without elaborating.

gulf-daily-news, November 20, 2012