Qatar eyes German auto industry

Emir tells German magazine that Qatar may follow recent Abu Dhabi example and invest in Germany.
Qatar eyes German auto industry
By Martin Morris
Sat 28 Mar 2009 09:29 PM

Qatar plans to be the second Gulf Arab state to invest in the German auto industry, Emir Sheikh Hamad bin Khalifa al-Thani told Germany’s Der Spiegel on Saturday in an interview due to be published in full on Monday."For sure we will invest in the car manufacturers in Germany," he told Spiegel. "But we have to find the right time and the right price."

The emir said he considered the global financial crisis to be an "opportunity that will not be repeated for the next 20 years."

Earlier this week the Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) bought a 9.1 percent stake in Daimler for almost 2 billion euros (2.7 billion dollars).

Meanwhile, on the subject of Qatar's oil wealth, the emir said he would be happy if oil prices stayed at $40 to $50 per barrel for another two years, adding that it would "help the world out of this crisis."

He said he didn't see why OPEC should cut production just to keep the price of oil high. "If the world economy recovers this will be good for us, too."

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