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### Viewing cable 09DOHA691, QATAR INVESTMENT AUTHORITY'S 2010 INVESTMENT

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
09DOHA691 | 2009-11-25 11:44 | 2011-04-07 00:00 | CONFIDENTIAL | Embassy Doha
Appears in these articles: http://www.ft.com/cms/s/0/cc350008-5325-11e0-86e6-00144feab49a.html

`

    VZCZCXRO8370
    PP RUEHDE RUEHDH RUEHDIR
    DE RUEHDO #0691/01 3291144
    ZNY CCCCC ZZH
    P 251144Z NOV 09
    FM AMEMBASSY DOHA
    TO RUEHC/SECSTATE WASHDC PRIORITY 9535
    INFO RUCPDOC/DEPT OF COMMERCE WASHINGTON DC PRIORITY
    RUEHZM/GULF COOPERATION COUNCIL COLLECTIVE
    RUEHBJ/AMEMBASSY BEIJING 0373
    RUEHBR/AMEMBASSY BRASILIA 0039
    RUEHBU/AMEMBASSY BUENOS AIRES 0001

` `

    QATAR INVESTMENT AUTHORITY'S 2010 INVESTMENT STRATEGY OUTLINED
    Class: 	CONFIDENTIAL
    Date: 	Wed Nov 25 11:44:00 2009
    Key: 	09DOHA691
    Tags: 	PGOV, EFIN, EINV, AR, BR, CH

    C O N F I D E N T I A L SECTION 01 OF 02 DOHA 000691

    SIPDIS

    E.O. 12958: DECL: 11/24/2019
    TAGS: PGOV EFIN EINV AR BR CH
    SUBJECT: QATAR INVESTMENT AUTHORITY'S 2010 INVESTMENT
    STRATEGY OUTLINED

    Classified By: Ambassador Joseph E. LeBaron for reasons 1.4 (b and d).

    --------------
    (C) KEY POINTS
    --------------

    -- Ambassador met November 24 with Qatar Investment Authority
    (QIA) xxxxxxxxxxxx to
    discuss QIA's future investment strategy.

    -- xxxxxxxxxxxx said that the QIA has developed a 2010
    investment strategy that will focus on three areas: acquire
    distressed businesses that have cash flow problems but are
    otherwise healthy; invest in a broad range of commodities;
    and purchase, in the second half of CY 2010, commercial real
    estate in prime locations, principally in the United States
    and Europe.

    -- He said that the QIA was also investing in joint ventures
    with agricultural companies in Argentina and Brazil.

    -- QIA will not invest with hedge funds or private equity
    companies in 2010, xxxxxxxxxxxx said, though this policy will
    be reviewed in 2011.

    End Key Points.

    ¶1. (C) At a November 24 meeting with Ambassador, Qatar
    Investment Authority (QIA) xxxxxxxxxxxx outlined Qatar's investment strategy for 2010.
    In response to Ambassador xxxxxxxxxxxx  said that
    for the first half of 2009, the QIA strategy was "to do
    nothing", but after analyzing current global economic
    conditions, it has developed a plan for the coming year. The
    strategy will focus on three sectors.

    ¶2. (C) The first area of the QIA's investment efforts will be
    the commodities sector. Ambassador asked xxxxxxxxxxxx  if he
    could be more specific, to which he replied that the QIA is
    interested in all types of commodities - oil, gas, gold,
    silver, and agricultural products. He shared his view that a
    structural change is underway in the commodities sector,
    strongly suggesting long-term price increases. The growth in
    the middle class of emerging countries such as China and
    India, for example, suggests higher food prices over the long
    term.

    ¶3. (C) xxxxxxxxxxxx also pointed to the weakness of the
    dollar as a factor guiding its investment strategy. The QIA
    predicts that the dollar will continue weakening. Even if
    there is near-term economic growth in the U.S., he said, it
    would raise the specter of inflation, weakening the dollar
    further. All this strongly suggested investments in
    commodities, including precious metals.

    ¶4. (C) In 2010 the QIA will also focus on business
    acquisition. It will seek to acquire businesses with good
    management and good products, but which have cash flow
    problems. "We are not interested in distressed assets or
    distressed debt. We are interested in distressed sellers",
    xxxxxxxxxxxx  said.

    ¶5. (C) The third part of the QIA's investment strategy will
    be in the real estate sector. xxxxxxxxxxxx  said that the QIA
    has not yet begun investing heavily in real estate assets,
    because it believes that prices will go lower through the
    first half of 2010.

    ¶6. (C) Ambassador asked xxxxxxxxxxxx  to go into more detail
    concerning the types of real estate assets the QIA was
    looking to acquire, and in what areas of the world.
    xxxxxxxxxxxx explained that the QIA was looking for prime
    commercial real estate, and expects QIA's best opportunities
    to be in the U.S. and Europe. He observed that East Asia
    real estate has become too expensive; there are no bargains
    there. He noted, however, that the QIA was in search of
    value, and that price alone would not be the determining
    factor in its investment decisions.

    ¶7. (C) In discussing Asian economic growth, he noted with
    approval China's ability to quickly make major spending
    decisions, particularly related to large scale
    infrastructure, contrasting it to the slowness he saw in the
    USG's release of stimulus monies. He predicted long term
    economic problems for the U.S. and Europe, which he believes
    are spending too much capital supporting big banks and big
    businesses and not enough to help save all the small

    DOHA 00000691 002 OF 002

    businesses in deep trouble.

    ¶8. (C) Ambassador asked whether the QIA intended to invest in
    real estate in other regions outside the U.S. and Europe.
    xxxxxxxxxxxx  replied that it was starting to invest in
    Brazil and Argentina, particularly in the agriculture sector.
    He said that QIA was also working with some agribusinesses
    in the U.S.

    ¶9. (C) Ambassador observed that Qatar has a number of
    agencies making investments both domestically and abroad, and
    asked xxxxxxxxxxxx  to clarify their respective roles.
    xxxxxxxxxxxx  gave the example of Qatari Diar, which he said is
    completely owned by QIA. While QIA itself focuses on
    investment in established enterprises, Diar focuses on
    development projects. He also pointed to groups such as
    Barwa and the National Hotel Corporation, which are now also
    owned by QIA but which will eventually be privatized.

    ¶10. (C) When asked by the Ambassador whether hedge funds and
    private equity groups would continue to have a role in the
    QIA investment plan, xxxxxxxxxxxx replied that the QIA would
    not invest in them at all during 2010. He said, however,
    that QIA would reconsider this position in 2011. He added
    that QIA considers the leverage buyout an obsolete business
    model.

    LeBaron

`