Bloomberg quoted sources as saying that Qatar Investment Authority is considering the sale of three hotels in Europe, adding that the InterContinental hotel properties are located in Cannes, Amsterdam and Frankfurt
Qatar has begun to use its sovereign fund to boost its economy, cutting its stake in Credit Suisse and Tiffany.
Qatar’s withdrawal of foreign investments continues after the Arab Quartet boycotted it, with the Qatar Investment Authority selling 23 percent of Lifestyle International in Hong Kong on March 20 and its subsidiary in China for $665 million.
Qatari Diar, the real estate arm of Qatar Investment, also announced the sale of a 4.6 percent stake in French company Veolia, which works in the field of water supply, waste management, energy and transportation services. The Qatari Diar share is valued at $640 million.
The most prominent cuts carried out by Qatar recently after the boycott of Saudi Arabia, the UAE, Bahrain and Egypt to Doha, was to decrease its share in Rosneft from 9.75 percent to 4.7 percent.
Cutting Credit Suisse stake to 4.94 percent, selling shares in Tiffany Jewelery worth $417 million, selling of 4.6 percent of shares in the French Veolia for $640 million.
A bulletin on the Qatari bonds showed on April 10 that Qatar Investment Authority had retrieved $20 billion from abroad to support local banks.
These monetization acts come to counteract the repercussions of the boycott and its influence on domestic money flows and the liquidity crisis in the country's banks.
Sources told Bloomberg that $30 billion of non-resident deposits had left Doha after the boycott decision.
This week, Qatari bankers are meeting with fixed-income investors to issue their first dollar-denominated bonds since 2016.
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