Qatar and UAE team up on $2bn fund

The sovereign wealth funds of the two Middle Eastern countries have teamed up to launch a joint fund, allowing the UAE’s International Petroleum Investment Company to broaden its scope away from the energy sector.

The Qatari Investment Authority and the UAE-sovereign fund the International Petroleum Investment Company have launched a $2 billion (€1.28 billion) fund, according to a City source.

The fund will allow the UAE-backed company to broaden its investments away from the energy sector where it has previously invested. 

Separately the Qatari Investment Authority set up a $850 million fund as a joint venture with the government of Indonesia in January this year to invest in the South East Asian country.