Shares of software maker SAP rose in Frankfurt Friday on speculation that Qatar would buy a stake in the German software maker.
Late morning in Frankfurt Friday, SAP’s shares traded at around 38.00 euros, up 1.5 percent from a day earlier.
In an interview with the Financial Times Deutschland, Qatar’s finance and economy minister, Youssef Hussein Kamal, confirmed the country is looking at IT investments. He didn’t rule out buying a stake in SAP.
“We’ve only just begun in Germany,” he told the FTD. “We’re interested in industries that can have an effect on our economy,” Kamal said. “We want to get something back for our financial involvement, something like management experience or technology expertise.”
Qatar, with its small population of roughly 300,000 people, is actively planning for a time when oil and gas run out and it will need to rely on other industries to fuel its economy.
According to FTD estimates, Qatar has roughly 100 billion dlrs to invest.
The country has already accumulated shareholdings in some of Germany’s best-known industrial companies including automakers Volkswagen and Porsche and construction group Hochtief.