Qatar investment arm, CITIC plan $10 billion drive

Qatar's sovereign wealth fund has joined hands with Chinese investment conglomerate CITIC Group to set up a $10 billion fund that will scout for deals in China, even as the Gulf state's investment arm looks to further expand its presence in Asia, the Qatar Investment Authority revealed on Tuesday.

The QIA, with $170 billion in assets under management, and the State-owned CITIC Group will hold equal stakes of 50 percent in the fund, according to QIA officials.

Ahmad Al-Sayed, chief executive of the fund, said that the QIA is looking to invest $15 to $20 billion in Asia in the next five years. It also plans to expand its offices in Beijing and New Delhi and will open a new office in New York.