The head of Qatar ‘s wealth fund expects cryptocurrencies to mature Business and Economy News

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Cryptocurrencies “need a bit of maturity before we make our view on investing in this space,” Mansoor Bin Ebrahim Al Mahmoud, CEO of QIA, told the Qatar Economic Forum.

Per Bloomberg

Speculation about cryptocurrencies prevents Qatar’s sovereign wealth fund from investing in one of the world’s most volatile asset classes.

Extreme changes to Bitcoin and other tokens make it difficult for it to attract institutional investors such as the Qatar Investment Authority, one of the world’s largest sovereign wealth funds with assets estimated at more than $ 360 billion by Global SWF.

Cryptocurrencies “need a bit of maturity before we make our view on investing in this space,” Mansoor Bin Ebrahim Al Mahmoud, CEO of QIA, told the Qatar Economic Forum.

Prospects are at stake for Bitcoin and other chips after a volatile defeat.

Bitcoin has lost more than 50% over the mid-April high of nearly $ 65,000. The currency began trading at around $ 29,000 in 2021, after quadrupling in 2020. It recovered on Wednesday after previously killing investors with a drop below the $ 30,000 level.

Asia, American pivot

Instead of cryptocurrencies, the QIA will focus on continuing to drive investment in Asia and the United States, as it appears to balance the concentration of European assets in its portfolio, Al Mahmoud said. The fund will also invest more in warehouses in response to the impact of the coronavirus pandemic on retail real estate and offices, he said.

“What we focus on in real estate is the issue of investing in storage to support e-commerce companies,” he said. “This is a segment that we are deploying to a large extent.”

The QIA was created in 2005 as the country sought to use revenues from high gas exports to invest in assets to secure future revenues. It is involved in some of the world’s leading companies, such as London Stock Exchange Group Plc, Volkswagen AG and Glencore Plc.

This year, the fund will also try to formalize the intervention process on environmental, sustainability and governance (or ESG) considerations in its investment criteria, Al Mahmoud said.

“We have been investing in ESG initiatives and projects for a long time and this year it will be institutionalized,” he said. “We will incorporate ESG into our investment process.”

The Qatar Ministry of Trade and Industry, the Qatar Investment Promotion Agency and Qatar Media City are subscribers to Bloomberg’s Qatar Economic Forum.





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