An American financial expert for Al-Sharq: 2023 is the year of promising opportunities for Qatari investments



An American financial expert for Al-Sharq: 2023 is the year of promising opportunities for Qatari investments

13 January 2023, 07:00

The Glendon Resort

Washington – Zainab Ibrahim

Liz Varenstein, a professor of economics at the University of Illinois and an American financial expert, confirmed that the year 2023 is expected to show many characteristics that contribute to the distinction of Qatari investments, which on more than one developed and distinguished project bet in the US arena, so during the past year Qatar has seen very big gains in terms of the popularity of plans. Regarding its production of liquefied natural gas and the state’s intention to continue investment expansion, Doha has always had its development plans linked to major projects and differentiated management of the sovereign wealth fund to seize promising opportunities in the US markets. Leading hotel in America, by including additional groups of hotels, and investing in many projects in which it was involved in partnership with more than one international fund and asset management company. in major projects in the American market, through investment proposals that brought together the investment portfolios of the Qatar Sovereign Fund and major international companies for asset management, This illustrates additional characteristics of this approach, which is followed by Qatari investments characteristic in 2023.

► Expansion and development

And Liz Varenstein continued in her statements to Al-Sharq: The real estate expansion in the development projects in which Qatar was involved in major American cities such as New York, for example, had a promotional plan to attract investment in a market that is one of the most competitive and one of the most developed, since New York has always been distinguished by the headquarters of the largest companies in the law firm, the stock exchange and financial funds, and it certainly enters an important comparison in terms of increasing the massive expansion in real estate growth rates, which has led Qatar to continue its so far successful engagement with Brookfield in the West Manhattan project to the Hudson River, as many large US companies seek additional profits for competitive leases with larger office spaces and rents that are of the big budget cut off to add to the profits to continue to compete in light of va n rapidly changing business conditions and very difficult competitive rates, and this is generally provided by those important projects such as Eugene Tower and Manhattan West Towers in which Qatar has invested in Brookfield Property and which have benefited One of the construction plans is to provide important and attracting large contracts from major US law firms, as the plan was targeted from the start, making the return In terms of future investment, it corresponds to the size of the plans in real estate projects that require loan financing under certain conditions and a limited stop affected by the Corona pandemic, but the equation of the economic scene has changed due to the survival of real estate projects in their relatively safe space with many changes in economic equations, and the volume of a large demand for occupation with an increasing size. Business and development, especially since the major real estate projects that Qatar is participating in in Manhattan are aimed at attracting large companies in downtown New York to move westward to the new project in “Manhattan West” towards the Hudson River, and have already began to achieve positive successes, as the skyscraper passed. will attract two major law firms, with Cravath and Swaine & Moore LLP signing new leases in the project’s second skyscraper. The law firms’ offices will move into the 58-story corporate and office building, and by 2024, 13 floors will be fully occupied according to contract signatures, after the success of the first building in the West Manhattan project in To fully obtain leases for 90% of it, the second building is now following the same path through its success in obtaining a lease from the Cravath Company , which is one of the largest law firms in America, and this project includes five others. buildings remaining from the mixed-use complex. The area is more than 7 million square feet, and while the Qatar Investment Authority acquired 44% of the shares of Brookfield Company in the Manhattan West project in 2015, the successes of the project began to touch reality and to achieve profits, in light of the ambitious vision of the Qatar Investment Authority, which found that the West Manhattan and the areas located along the Hudson River are a rich area to attract large companies looking for better locations for their companies away from the crowded city center with better financial options in leasing and the same area of ​​the same spatial value. The West Manhattan project includes many important residential buildings, and the scale of the investment in the project was represented by the provision of approximately $ 479 million on one of the main buildings in the Manhattan West project, known as as the Eugene Tower, which is the tallest real estate tower for rent in Manhattan, located in New York City, and consists of 62 floors. Located in 3rd Manhattan West, it contains 844 apartments, 169 of which are affordable, with retail space on the lower four levels.

The current financing of $33 million is directed towards the residential part of the building, for which the main construction work, the foundation phase, was completed in 2017. Eugene Tower, located at 435 West 31st Street, is the first completed land-based tower in the Qatar Investment Authority projects. And Brookfield is one of six major development projects in Manhattan West, and it is located near major places in Manhattan, such as Hudson Yards, Oxford Group and Mega Development, and the Bluestone Lane cafe brand has booked one of the commercial. spaces in the building, in which rents range from $3431 for studios and small apartments, to $9045 for two-bedroom apartments, and the building is popular with international students in terms of occupancy; Where they carried out their contracting procedures through prestigious rental brokerage firms such as the Susan Cho brand and Lee Lee, which helped occupy several high-rise residential towers in Manhattan West, and the Qatar real estate project, which aims to transform the west side of Manhattan to develop in New York City, continues to receive record turnout from landlords and US investment companies operating in the region. The project, which is the result of the strong partnership between the Qatar Investment Authority and Brookfield Property Partners LP, estimated at $8.6 billion, includes the construction of five large towers and real estate, and the 62-story “Eugene” -tower is one of the buildings. The project consists of 844 units already under construction and a skyscraper that includes a large 67-story corporate office tower that major American law firms such as Skadden, Arps, Slate Meagher & Flom LL, and since the Qatar Investment Authority its cooperation announced with Brookfield. At the beginning of 2015, the successful partnership between the two sides continued to bear fruit in the new projects taking place in New York City.

► Landmarks

Liz Varenstein concluded her statements and confirmed: Qatar’s ownership of hotel brands such as St. Regis and The Plaza in New York and San Francisco are what St. Regis owns more than one hotel in America and the development approach of the famous hotel chain since Qatar previously bought the same hotel brand in Italy, as well as the negotiations that took place. The Qatar Investment Authority collected and weighed transactions with The Westin Maui Hotels and Resorts, The Westin Peachtree Hotel, W New York Hotel, and the Termond Chicago, and Qatari investments in major cities such as New York, San Francisco and Los Angeles, showing the significant Qatari investment footprint in the hotel sector as a direct field for its investments, and Qatar also have strong experience in the St. Regis Hotel brand, as it succeeded in the St. Regis hotel in the capital, Rome, in 2014 for just under $151 million, and has since posted record profits, owning the St. Regis brand enabled Qatar to invest in the important project in other countries. to convey the distinguished hotel experience. The Qatar Investment Authority also acquired the Fairmont-managed Plaza Hotel in New York City, which is four blocks south of the St. Regis, for approximately $600 million in July 2018, all of which are significant investments that have proven successful and superior in the real estate and hotel market in America.

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