PARIS — Qatar’s investments worldwide are estimated at around $60 billion, but France seems to hold a particular place in Qatar’s heart — and investment portfolio. Qatari investment funds and subsidiaries have participations in several French companies including Vinci, Veolia, the mammoth media conglomerate Lagardère and Paris’ flagship soccer team: the Paris Saint-Germain (PSG). The tiny emirate has bought several hotels and pieces of real estate on the French Riviera and in Paris as well as invested in luxury casinos.
More recently, Qatar set up a 300-million-euro fund in partnership with the French state to support small and medium enterprises in the country’s underdeveloped areas, including France’s infamous suburbs or “banlieues," home to a large population of second and third-generation French Muslim citizens of Arab descent. The fund raised eyebrows in France among politicians and civil-society activists alike, who slammed the move as an attempt to interfere in French politics and possibly propagate Qatar’s orthodox brand of Islam. Al-Monitor met with the Qatari ambassador in Paris, Mohamed Al Kuwari, to find out more about his country’s apparent love story with France. The ambassador, who previously served in Washington and Tehran, also talked about the rise of Islamism in the wake of the Arab Spring, Syria’s rebellion and Iran’s nuclear ambitions.
Al-Monitor: Why does Qatar like investing in France so much?
Mohamed Al Kuwari: First of all, we enjoy an excellent and historical relation with France, since a long time. For example, with Total [energy company] since 1936. After the independence of Qatar [in 1971], that relation further developed into economic and political cooperation. The second reason: Qatar appreciates French culture and lifestyle and their way of [striving for] perfection. Our investments have to be in a country that has something special. France has become like a brand in the world. Investing in France gives you a good name, one of prestige. The third reason: The French companies [we invest in] are well-known and we are trying to build partnerships with them. You invest in France, you build partnerships and you go elsewhere, to Africa, to Asia. We are looking for strong partners like Total, Vinci, Veolia. The fourth reason is France’s geopolitical place: France has an independent policy, plays an important role in the world, diplomatically and politically.
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