QATAR STATE ASSETS — GLOBAL LISTED & DIRECT HOLDINGS
QIA / Qatar Holding / Qatar Airways / QSI | As of Mar 2026
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FUND OVERVIEW
- AUM: ~$557bn (SWF Institute, Aug 2025)
- Disclosed listed equity book: ~$78bn across 34+ names
- Geo split: Qatar ~33% / Europe ~40% / US ~20% / Asia ~7%
- CEO: Mohammed Saif Al-Sowaidi (appt. Nov 2024)
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EUROPE — LISTED EQUITIES
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ENERGY & UTILITIES
- IBE SM | Iberdrola SA | 6.98% | ~€9.5bn | #1 shareholder; trimmed from 8.69% in 2025
- GLEN LN | Glencore PLC | 8.20% | ~$3.4bn | via Qatar Holding
- RWE GY | RWE AG | strat. | €2.4bn invested (2023); exact % undisclosed
- NG/ LN | National Grid PLC | disclosed holding; size undisclosed
FINANCIALS
- BARC LN | Barclays PLC | 2.90% | (peak 12.7% at 2008 crisis recapitalisation)
- DBK GY | Deutsche Bank AG | <3% | HBJ personal €1.75bn injection (2014)
- LSEG LN | London Stock Exchange| ~5% | ~$5bn market value
INDUSTRIALS / AUTO
- VOW GY | Volkswagen AG | 14.60% | via Qatar Holding; board seat held
- HOT GY | Hochtief AG | disclosed stake; size undisclosed
- SIE GY | Siemens AG | disclosed; ~Bloomberg confirmed, size undisclosed
MEDIA
- MMB FP | Lagardère SA | 13.00% | via Qatar Holding
RETAIL
- SBRY LN | J Sainsbury PLC | ~22% | largest shareholder
- ECI SM | El Corte Inglés | 10% | via HBJ personal (unlisted, private co.)
REAL ESTATE (LISTED)
- INMCOL SM| Inmobiliaria Colonial | 20% | since 2018
TRANSPORT
- IAG LN | Intl Airlines Group | 25.14% | via Qatar Airways; largest shareholder
| BA, Iberia, Aer Lingus, Vueling
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EUROPE — DIRECT / UNLISTED ASSETS
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REAL ESTATE (UK)
- The Shard, London | 95% | iconic 310m tower, SE1
- Canary Wharf Group | 50% | co-owned w/ Brookfield
- Harrods, Knightsbridge | 100% | acq. 2010 from Al-Fayed (~£1.5bn)
- Chancery Rosewood Hotel | 100% | ex-US Embassy, 30 Grosvenor Sq; opened Sep 2025
- Claridge's / Berkeley / Connaught | partial | via Maybourne Hotel Group
REAL ESTATE (EUROPE)
- 52 Champs-Élysées, Paris | 100%
- Porta Nuova, Milan | 100% | LEED+WELL Gold business district
- One Ocean Port Vell, Barcelona | 100%
INFRASTRUCTURE
- Heathrow Airport (HAH) | 20% | acq. 2012; + £650m add. investment 2017
ENERGY
- Rolls-Royce SMR | undisclosed | low-carbon nuclear tech
FRANCE STRATEGIC BLOC (historical; partial exits possible)
- TotalEnergies | 4%
- Airbus (ex-EADS) | 6%
- Vinci SA | 5%
- Veolia Environnement | 5%
- Vivendi | disclosed
- Air Liquide / GDF Suez / France Telecom / Areva — disclosed; sizes undisclosed
TECH / GROWTH (EU)
- Alice & Bob (quantum, Paris) | co-lead w/ Bpifrance
- Ardian Semiconductor | anchor investor
- Bpifrance | +€300m committed (2024)
- Innovafeed | lead; €250m round (2022)
- Checkout.com (UK unicorn) | undisclosed
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AMERICAS
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REAL ESTATE
- Empire State Realty Trust | 9.90% | acq. 2016
- Asia Sq Tower 1, Singapore | 100% | $2.5bn acq. 2016 (APAC classified here)
- Manhattan West / Park Lane Hotel| disclosed; partial stakes
SPORTS
- Monumental Sports & Ent. | 5%+ | $4.05bn invested; Wizards/Capitals/Mystics
TECH / AI (US)
- Databricks | undisclosed | part of $15bn raise (Jan 2025)
- xAI (Elon Musk) | undisclosed | part of $6bn round C (Dec 2024)
- Cresta (AI) | lead | $125m round (Nov 2024)
- Instabase | undisclosed | $100m series D (Jan 2025)
- Anthropic | undisclosed | part of $13bn round
CONSUMER / FOOD
- Eat Just | lead | $200m round (2021)
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ASIA-PACIFIC
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- Kokusai Electric (Japan) | 5.00% | chipmaker; acq. 2024
- ChinaAMC | 10.00% | agreed Jun 2024; regulatory pending
- Kingdee (HK: 0268) | 4.26% | Chinese software; acq. Dec 2023
- Reliance Retail Ventures (IN) | 1.00% | $1bn; 2023
- McDonald's China | anchor | $1bn continuation fund (Nov 2024)
- Swiggy (IN) | undisclosed | part of $700m round (2022)
- Trendyol (TR) | undisclosed | $1.5bn round (2021)
- Rebel Foods (IN) | undisclosed | $175m+$25m (2021/2025)
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DOMESTIC (QATAR)
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- Qatar National Bank (QNBK QD) | majority | largest bank MENA
- Ooredoo (ORDS QD) | majority | telecom, 12-country footprint
- Industries Qatar (IQCD QD) | significant | petrochem & fertilisers
- Masraf Al Rayan (MARK QD) | significant | Islamic bank
- Barwa Bank | significant | domestic bank
- Kahramaa | state | electricity & water authority
- Qatar Airways | 100% state-owned
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SPORTS / MEDIA / ENTERTAINMENT
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- Paris Saint-Germain FC | 100% | via Qatar Sports Investments (QSI); acq. 2011
- beIN Media Group | 100% | pan-regional sports broadcaster
- Miramax (film library) | 100% | via beIN; Pulp Fiction, Shakespeare in Love etc.
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LUXURY / FASHION (via Mayhoola for Investments)
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- Valentino Fashion Group | 100% | acq. 2012 ~€700m from Permira
- Balmain | 100% | acq. 2023
- Pal Zileri | 100%
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KEY VEHICLE MAP
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QIA (sovereign fund, parent)
└─ Qatar Holding — intl listed equity + RE + media
└─ Qatari Diar — real estate development
└─ Qatar Investments — domestic equity book (~$100bn post-2016 split)
└─ Hassad Food — agri / food supply chain
└─ Qatar National Hotels — domestic hospitality (Ritz-Carlton Doha, Sheraton, etc.)
Qatar Airways (100% state)
└─ Stake in IAG, Cathay Pacific, China Southern
Qatar Sports Investments (QSI)
└─ PSG, sports rights
Mayhoola for Investments
└─ Valentino, Balmain, Pal Zileri
HBJ Personal (ex-PM Sheikh Hamad bin Jassim)
└─ Deutsche Bank, El Corte Inglés (separate from QIA)
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NOTE: QIA opacity score 17/100 (2024 assessment). Fund
does not publish full portfolio. Figures from regulatory
filings, Bloomberg, press disclosures & SWF research.
Stake sizes marked "undisclosed" = confirmed investment,
% not publicly registered.
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Laurent Chekroun | Mar 19, 2026