Qatar accumulates $3bn Siemens stake
FRANKFURT/DOHA QATAR has accumulated a small stake in Siemens, Germany’s most valuable company, worth roughly €2.4 billion ($3.08 billion), adding to the natural gas-rich country’s portfolio of minority investments around the world.
In a regulatory filing published on Tuesday, the German industrial group said that a subsidiary of the stateowned Doha Insurance Company (DIC) had exceeded the 3 percent threshold in voting shares on May 7, which triggered the mandatory disclosure.
Qatar has been the most active of the Gulf region’s sovereign investors in recent years, buying stakes in companies including Credit Suisse, Barclays, Agricultural Bank of China, Santander Brasil as well as London’s famed Harrods department store.
In Germany alone, it controls a 17 percent voting stake in Volkswagen and one-tenth of the unlisted common shares in automotive holding Porsche SE. It also owns a holding in construction group Hochtief.
Last week, sovereign wealth fund Qatar Investment Authority (QIA) bought a stake in Royal Dutch Shell, and earlier reports said that it was looking at a 3 to 5 percent stake.