Aug 24, 2016
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Qatar buys stake in Empire State Building

Aug 24, 2016

Qatar's sovereign wealth fund has bought an almost 10 percent stake in the company that owns New York's iconic Empire State Building, the official QNA news agency reported on Wednesday.

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"Qatar Investment Authority (QIA) has acquired $622 million in shares in the Empire State Realty Trust," the news agency said.

The investment equates to a 9.9 per cent stake in the trust.

The company owns nine office properties in midtown Manhattan, including the Empire State Building.

The multi-billion-dollar QIA was set up in 2005 to manage Qatar's huge surpluses from sales of gas and oil.

Notable investments over the past 11 years include a stake in the Volkswagen Group and the purchase of luxury British retailer, Harrods.

The Empire State acquisition comes almost a year after Qatar's ambassador to the US, Mohammed Al-Kuwari, tweeted that his country would invest $35 billion in the US economy over the next five years.

The Empire State Building, opened in May 1931, stands at 443 metres (1,454 feet) high and was once the world's tallest building.

It has featured in several Hollywood films, including Sleepless in Seattle, The Producers and the 1933 version of King Kong.


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