Former French president Nicolas Sarkozy tipped to head up Qatari sovereign wealth fund (By IFN)

Former French president Nicolas Sarkozy tipped to head up Qatari sovereign wealth fund

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GLOBAL: It has been reported across the global media today that Nicolas Sarkozy, the former president of France could be a likely candidate to head up a sovereign wealth fund initiated by the government of Qatar, worth at least EUR500 million (US$650.24 million). Sarkozy, whose business connections span across Europe and North Africa is however said to be in two minds about the proposal by the Qatar Investment Authority (QIA) and other investors, as current president Francoise Hollande’s popularity slides in the country on the back of recent tax reforms; shedding a hopeful light on Sarkozy’s future political aspirations. The ex-president, who has been flooded with business proposals since distancing himself from politics following the election of Francoise Hollande in May last year, was said to express interest in starting a private equity fund; looking at investing in companies in emerging markets such as Brazil, Morocco and Spain. Speaking to the Financial Times, a source affirmed: “The Qataris are taking an option on the next president of France.” However, a spokesperson for Sarkozy said: “Mr Sarkozy receives business proposals regularly and he has not said yes to any yet.” The QIA, which is reportedly worth over US$100 billion, already has a foothold in the US and the UK; acquiring stakes in companies such as Tiffany and Co, Royal Dutch Shell, UK-based miner Xstrata and Barclays Bank— in which it is a majority shareholder. The sovereign wealth fund, whose aim is to diversify its investments over the next ten to 15 years, is already heavily invested in the UK; owning up to 95% of western Europe’s tallest building to date, the Shard in London, the Chelsea Barracks, Harrods and the London Olympic Village. The Qatar Foundation has also demonstrated its interest in the Beautiful Game, acting as a main sponsor to the Barcelona football club perhaps as a lead-up to the country’s role as host to the FIFA World Cup 2022.