Qatar buys a piece of the Empire State Building

Qatar buys a piece of the Empire State Building

From fashion to architecture

Text: Faizal Dahlawia

After Balmain, Qatar's acquisition expansion and diversification continues with a stake in an American landmark.

The Qatar Investment Authority has just bought a significant stake in one of America's most iconic buildings, the Empire State Building in New York City. The financial injection of approximately Dhs2.3 billion from the wealth fund meant that it now owns almost 10 percent of the skyscraper. Other major investors in the building include parties from Norway, Japan and Australia.

The news follows the recent acquisition of French fashion label Balmain by another Qatari establishment, Mayhoola for Investments, as well as the buying over of Italian luxury house Corneliani by Bahraini investment house Investcorp Bank BSC.

Read about Qatar's fashion acquisition of Balmain now.