The fund B capital, Eduardo Saverinthe richest Brazilian in the world is among the six capital venture funds that plan to open offices in Doha, as Qatar intensifies efforts to reach competitors who have attracted global financial companies.
The Qatar Investment Authority (Qia) will invest in B Capital-created by Facebook co-founder Saverin and former Bain Capital Investor Raj Ganguly-through his background program, from according to a statement. The technology -focused investment vehicle manages more than $ 7 billion and has financed startups such as Datarobot, machine learning, Falconx cryptocurrency broker and the santry customer analysis software company.
Deerfield Management Co., an investment manager focused on the health sector, with about US $ 15 billion in assets, should also receive QIA contributions. The fund launched a $ 1 billion program last year to develop the Venture Capital ecosystem and support local startups. Details about the size of the investment were not disclosed immediately.
The fund has already invested in four other companies, including London -based Utopia Management, as part of this initiative. All of them will open offices or establish their regional headquarters in Qatar.
Regional Qatar regional competitors, United Arab Emirates and Saudi Arabia, have also used investments from their sovereign funds to attract global companies to their financial centers.
In recent years, several high profile hedge backgrounds have established offices in Abu Dhabi and Dubai, transforming the United Arab Emirates into a new emerging pole for the industry. Similarly, Saudi Arabia has attracted regional headquarters from various Wall Street companies after implementing policies that have made this presence mandatory for certain government contracts.
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In addition to Qatar, Kuwait also began courting foreign companies. Blackrock Inc. is exploring plans to open an office in the country, as reported by Bloomberg News.
Qia, which manages $ 510 billion, is expected to grow significantly in the coming years, driven by the expansion of Qatar gas production. His new CEO, Mohammed Al Sowadi, has extensive experience in the US, which should help the fund navigating the dynamics of Donald Trump’s presidency.
Over the past five years, Qia has increased its investments in the US, partly to rebalance its portfolio and reduce its exposure to Europe. The fund has invested in sectors such as technology and health and plans new contributions in Asia and the US, focusing on digitization and infrastructure.
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