SOFAZ open to raise investments in Qatar
Baku, Azerbaijan, Feb. 23
By Azad Hasanli - Trend:
State Oil Fund of the Republic of Azerbaijan (SOFAZ) is open to increase investments in Qatar, said Shahmar Movsumov, executive director of the fund, Trend reports via The Peninsula, Qatar’s daily newspaper.
Investments by the SOFAZ in Qatar currently stand at around $10 million, he noted.
Although the size of the investments in Qatar isn’t large, they are important, he added.
“Once we find investment opportunities in Qatar, we will invest,” he said.
The fund has made investments in about 60 countries in the world, including Qatar, he noted.
The total investment by the fund globally stands at $40 billion, he added.
SOFAZ was established in 1999 with assets of $271 million. As of the end of the third quarter of 2018, SOFAZ’s assets increased by 8.9 percent as compared to early 2018 ($35.806 billion) and amounted to $38.987 billion.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include accumulation of resources and placement of assets abroad in order to minimize the negative effect to the economy, prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.