Qatar to Open Local Investment Firm: Government
Qatar Holdings, the direct investment arm of the Qatar Investment Authority, plans to open a wholly owned investment firm in Indonesia by the end of the year, the government’s special envoy to the Middle East said.
“Based on our latest meeting with Mr. Ahmad Al Sayed, the chief executive of Qatar Holdings, it has decided to establish an investment firm in Indonesia this year,” Alwi Shihab told the Jakarta Globe on Thursday. “The total value of the investment fund may be about $1 billion and it will focus on natural resources and infrastructure projects.”
Qatar Holdings was set up to serve as the Qatari government’s main vehicle for strategic and direct investments. The Qatar Investment Authority was founded to invest the emirate’s surplus oil and natural gas revenues and is estimated to manage $62 billion in assets.
Alwi’s announcement comes after a visit to Indonesia in May by Qatar’s emir, Sheikh Hamad bin Khalifa Al-Thani, and the signing of a memorandum of understanding for the establishment of a joint venture investment firm by Qatar and Indonesia, with Qatar having an 85 percent stake.
However, Alwi said that the Qatari government had imposed preconditions that would have to be satisfied before the establishment of the partnership and acknowledged that intense negotiations were still underway.
“There are some requirements from the Qatari side that are unusual for us. The latest issue that needs to be sorted out is that they want the MoU to supersede any future changes in our laws and regulations,” Alwi said, adding that the Qataris were primarily concerned with ensuring protection for their investments.
Alwi said that although talks were still underway, Qatar had nevertheless decided to press ahead by establishing a wholly-owned investment firm in the interim.
On the possibility of Qatar purchasing CN-235 aircraft from state-owned PT Dirgantara Indonesia following an interest by the emir during his visit here in May, Alwi said that company representatives would travel to Doha in September, after an initial visit in June, to make a detailed presentation on its products to the Qatari Air Force.
“It depends on Dirgantara’s proposals as Qatar not only wants to purchase the planes, but also wants to take an equity stake in the company,” Alwi said.
Meanwhile, Helmi Gasim, Alwi’s assistant, said that Qatar-based Gulf Petroleum was eager to invest $450 million in the construction of a coal-fired power plant in Indragiri Hulu, Riau.
The company originally bid on the project in 2007 but as there were only two contenders, it had to be put out to tender again, with the results of the second tender due to be announced by state power utility PT Perusahaan Listrik Negara this month.
“Based on our latest meeting with Mr. Ahmad Al Sayed, the chief executive of Qatar Holdings, it has decided to establish an investment firm in Indonesia this year,” Alwi Shihab told the Jakarta Globe on Thursday. “The total value of the investment fund may be about $1 billion and it will focus on natural resources and infrastructure projects.”
Qatar Holdings was set up to serve as the Qatari government’s main vehicle for strategic and direct investments. The Qatar Investment Authority was founded to invest the emirate’s surplus oil and natural gas revenues and is estimated to manage $62 billion in assets.
Alwi’s announcement comes after a visit to Indonesia in May by Qatar’s emir, Sheikh Hamad bin Khalifa Al-Thani, and the signing of a memorandum of understanding for the establishment of a joint venture investment firm by Qatar and Indonesia, with Qatar having an 85 percent stake.
However, Alwi said that the Qatari government had imposed preconditions that would have to be satisfied before the establishment of the partnership and acknowledged that intense negotiations were still underway.
“There are some requirements from the Qatari side that are unusual for us. The latest issue that needs to be sorted out is that they want the MoU to supersede any future changes in our laws and regulations,” Alwi said, adding that the Qataris were primarily concerned with ensuring protection for their investments.
Alwi said that although talks were still underway, Qatar had nevertheless decided to press ahead by establishing a wholly-owned investment firm in the interim.
On the possibility of Qatar purchasing CN-235 aircraft from state-owned PT Dirgantara Indonesia following an interest by the emir during his visit here in May, Alwi said that company representatives would travel to Doha in September, after an initial visit in June, to make a detailed presentation on its products to the Qatari Air Force.
“It depends on Dirgantara’s proposals as Qatar not only wants to purchase the planes, but also wants to take an equity stake in the company,” Alwi said.
Meanwhile, Helmi Gasim, Alwi’s assistant, said that Qatar-based Gulf Petroleum was eager to invest $450 million in the construction of a coal-fired power plant in Indragiri Hulu, Riau.
The company originally bid on the project in 2007 but as there were only two contenders, it had to be put out to tender again, with the results of the second tender due to be announced by state power utility PT Perusahaan Listrik Negara this month.