Qatar, Saudi and Israel in investment venture 15, August 2010Posted by thegulfblog.com in Israeli-Palestinian Conflict, Qatar, Saudi Arabia.
Tags: Credit Suisse, Credit Suissw, Israel Qatar Saudi investment, Nochi Danker, Olayan group, Qatar Saudi Arabia relations, QIA and Israeli venture
An Israeli conglomerate will be joined by Qatar and Saudi Arabia to invest together in emerging markets.
Under the auspices of Credit Suisse (in whom the Qatar Investment Authority (QIA) are the largest shareholders: 10%) the troika will launch a $1 billion fund for investment. The Saudi side, the FT reports, that it is led by the Olayan Group, one of the longest established Saudi business families. QIA is leading the Qatari end and IDB controlled by Israel’s “most powerful businessman” Nochi Danker who has a 3% stake in Credit Suisse, plays the Israeli role.
It appears as if this has been led by Credit Suisse and is not some kind of ‘statement’ by Qatar and Saudi Arabia in choosing to work with an Israeli partner. A QIA spokesman, for example, gave the refreshing answer that he had “no idea” about any of this.
Whilst Qatar has been seeking to reopen the Israeli trade office in Doha in recent months in a quid pro quo for access to Gaza and might well look for other opportunities to work ‘with Israel’, the same cannot be said for Saudi Arabia. Israeli relations for Saudi Arabia are a taboo. Whilst there have been mooted meetings at conferences and summits, these are usually pleasantly deniable.
If certain actors in the Kingdom decide to pick this story and highlight it, this venture will fall flat quickly. While the erudite, well-traveled Saudi businessmen will have no problem in such a deal (an Israeli’s money is as good as anyone else’s) the accompanying press coverage may be highly unwelcome.