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Why the sudden glut of Qatar rumours? Why the sudden glut of Qatar rumours?
(6 months later)
Qatar is famous for its vast oil reserves, winning the right to host the 2022 World Cup and being infuriatingly discreet about its investment plans – but it is suddenly attracting all sorts of attention.Qatar is famous for its vast oil reserves, winning the right to host the 2022 World Cup and being infuriatingly discreet about its investment plans – but it is suddenly attracting all sorts of attention.
Two weeks ago there was speculation that Qatar was about to make a bid for Arsenal, which was followed last week by a Financial Times piece about the emirate having a £10bn infrastructure fund to invest in the UK. Then came reports in the Times that Qatar was about to launch the "Dream Football League", supposedly to challenge UEFA's Champions League, before the weekend's suggestions that the sovereign wealth fund was looking at bidding £8bn for our embattled retailer Marks & Spencer.Two weeks ago there was speculation that Qatar was about to make a bid for Arsenal, which was followed last week by a Financial Times piece about the emirate having a £10bn infrastructure fund to invest in the UK. Then came reports in the Times that Qatar was about to launch the "Dream Football League", supposedly to challenge UEFA's Champions League, before the weekend's suggestions that the sovereign wealth fund was looking at bidding £8bn for our embattled retailer Marks & Spencer.
Most football people are now ignoring any possibility of a Qatari bid for Arsenal (considering, among other things, that the main shareholder says the club is not for sale and no meetings ever took place). And the usually shy emirate has taken the unusual step of briefing journalists that there is no £10bn infrastructure fund – although it is hoping to invest around that amount in the UK over the long term.Most football people are now ignoring any possibility of a Qatari bid for Arsenal (considering, among other things, that the main shareholder says the club is not for sale and no meetings ever took place). And the usually shy emirate has taken the unusual step of briefing journalists that there is no £10bn infrastructure fund – although it is hoping to invest around that amount in the UK over the long term.
Furthermore, in an admirably honest piece in yesterday's Times, the paper published a mea culpa about its Dream Football League story in which it admitted it had been "duped". That move was swiftly followed by advisers to Qatar – which suddenly appears to have acquired a taste for public statement – telling anybody who asked that it is "not interested in M&S". Is this a coincidence, a conspiracy, or something else?Furthermore, in an admirably honest piece in yesterday's Times, the paper published a mea culpa about its Dream Football League story in which it admitted it had been "duped". That move was swiftly followed by advisers to Qatar – which suddenly appears to have acquired a taste for public statement – telling anybody who asked that it is "not interested in M&S". Is this a coincidence, a conspiracy, or something else?
Certainly, there are a wealth of people claiming to advise Qatar, its sovereign wealth fund the Qatar Investment Authority, or the QIA's subsidiary Qatar Holding, who love peddling stories about the gulf state's investment intentions. Some of those tales occasionally turn out to be true and Qatar is definitely a major investor in the UK and elsewhere, as attested by its quarter stake in our third biggest supermarket, Sainsbury's, its ownership of our most famous department store, Harrods, and its 12% holding in London-listed commodity trader Glencore. It is also undeniably wealthy, with some speculating that it is anxious to diversify its oil wealth before the US cashes in on a predicted boom in shale gas.Certainly, there are a wealth of people claiming to advise Qatar, its sovereign wealth fund the Qatar Investment Authority, or the QIA's subsidiary Qatar Holding, who love peddling stories about the gulf state's investment intentions. Some of those tales occasionally turn out to be true and Qatar is definitely a major investor in the UK and elsewhere, as attested by its quarter stake in our third biggest supermarket, Sainsbury's, its ownership of our most famous department store, Harrods, and its 12% holding in London-listed commodity trader Glencore. It is also undeniably wealthy, with some speculating that it is anxious to diversify its oil wealth before the US cashes in on a predicted boom in shale gas.
But all of that has been true for a while, and it has never attracted such a clutch of diverse UK stories or spoken out so frequently to correct supposedly erroneous speculation. So what has changed?But all of that has been true for a while, and it has never attracted such a clutch of diverse UK stories or spoken out so frequently to correct supposedly erroneous speculation. So what has changed?
Well, a month ago Qatar Holding hired RLM Finsbury, the City PR firm headed by Roland Rudd, whose clients include Arsenal shareholder Alisher Usmanov and Glencore. The firm says it is not responsible for the sudden glut of Qatar stories – and it is difficult to see an obvious motive for the blitz.Well, a month ago Qatar Holding hired RLM Finsbury, the City PR firm headed by Roland Rudd, whose clients include Arsenal shareholder Alisher Usmanov and Glencore. The firm says it is not responsible for the sudden glut of Qatar stories – and it is difficult to see an obvious motive for the blitz.
Other theories include a rival to Qatar (or its advisers) looking to score points; the Qataris mischievously suggesting that they are targeting various UK companies in order to smooth the way for another major takeover; or, indeed, that the tales will eventually turn out to be true after all.Other theories include a rival to Qatar (or its advisers) looking to score points; the Qataris mischievously suggesting that they are targeting various UK companies in order to smooth the way for another major takeover; or, indeed, that the tales will eventually turn out to be true after all.
Whatever the reason, the concentration of stories – coupled with the uncharacteristic denials – has caused the odd City eyebrow to arch.Whatever the reason, the concentration of stories – coupled with the uncharacteristic denials – has caused the odd City eyebrow to arch.
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