Special to WorldTribune.com

The Qatar Investment Authority (QIA) announced on Oct. 19 it would invest $35 billion in the United States by 2020.

The QIA’s pledge comes as Qatar’s looks to bolster its strategic alliance with the United States after tensions emerged among Gulf Cooperation Council (GCC) states over relations with Iran, which the GCC fears will become a nuclear state.

Among the QIA’s current U.S. investments is a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co. The investment strategy includes opening an office in New York City.

“With boots on the ground, our presence in New York will anchor our interest in the region,” Sheikh Abdulla bin Mohammed bin Saud Al Thani, the fund’s chief executive, said in a statement. “It is the perfect location to help strengthen our existing relationships and promote new partnerships as we continue to expand geographically, diversify our assets and seek long term growth.”

The QIA recently suffered a huge blow when it lost billions of dollars after Volkswagen’s share price plunged when the German automaker admitted it rigged diesel emissions to pass U.S. tests.

The government-backed Qatar Airways has also been hit with backlash from American air carriers after a large expansion in the number of routes it flies to U.S. cities.

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