Qatar to invest $35 billion in US with New York office

Doha: Qatar plans to invest $35 billion in the US over the next five years as the world’s richest country on a per capita basis diversifies from Europe and Asia.

The Qatar Investment Authority, which helps manage the country’s energy-generated wealth, opened an office in New York to “better access new and existing investment partners,” the sovereign fund said in a statement Monday.

Qatar said in April that it planned to set up an office for its sovereign wealth fund in New York as it scouts for deals in the US. The Doha-based fund controls more than $250 billion, according to the Las Vegas-based Sovereign Wealth Fund Institute, and has deployed the nation’s riches on assets ranging from British bank Barclays Plc to Volkswagen AG, whose shares have slumped since the automaker said it cheated on US emissions rules.