Qatar is seriously contemplating to take a stake in Porsche

Article by Christian A., on August 29, 2010

The Prime Minister of Qatar, Sheikh Hamad bin Jassem al-Thani, was reported by a local publication as saying that Qatar is seriously contemplating to take a stake in the famous sports car maker Porsche. As it looks for more investments abroad, Qatar may also invest in other car companies.

The official news agency of Qatar said that the Prime Minister is considering auto companies, including those of the German brand. Sheikh Hamad is quoted as saying that they are looking into this possibility but they have not yet finalized anything since there are still meetings to be scheduled.

The first to report on this was the German magazine Focus which it did early this week. If Qatar's intentions push through, it could assist Porsche settle a 3.3 billion Euro ($4.3 billion) loan that is due in one year. The carmaker is looking to raise an additional 2.5 billion Euros in the syndicated loan market after closing what have been a difficult 10 billion Euro refinancing late last month.

The carmaker has acquired a majority stake in VW and has announced that it intended to raise that to 75 percent. The skyrocketing prices of oil has began a six-year boom all throughout the Gulf Arab region that sovereign Arab states who have been benefited by such an occurrence are making worldwide investments.

Those funds, however, lost billions as financial markets went down in preceding months, while Gulf Arab governments have lost revenues as prices of oil fell to only one-third of their top prices.

Now Gulf States are ready to purchase bargains once markets start stabilizing. IPIC, which is controlled by the state of Abu Dhabi, bought a 9.1 percent share in Daimler that cost it nearly 2 billion Euros ($2.6 billion) through Aabar, an exchange-listed investment vehicle.

Topics: qatar, porsche

If you liked the article, share on:

Comments

Recommended

In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
It’s pretty neat if you possess something of an extraordinary breed like, say, the Pagani Huayra. There are after all just a total of 100 units ever been built by...
by - April 28, 2017
If you’ve ever visited an arcade, chances are you have already seen a Logitech G920 wheel. If that doesn’t ring a bell, it’s the steering wheel that you use when...
by - April 28, 2017
Toyota Motor Corporation disclosed that it will be bringing two of its Mirai fuel cell vehicles to China by October of this year. Tests will then be conducted on these...
by - April 28, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries