Qatar has invested EUR1.1b in France 

(MENAFN - The Peninsula) Qatar has huge investments in France, with the figure estimated at a staggering ‚1.1bn, Al Sharq has reported, quoting French officials.

Some 14 percent of Frances total foreign investment is concentrated in the Middle East, with Qatar being one of the key destinations where several French giants are based.

The assets in France of the state-backed Barwa Real Estate Company alone are estimated at a whopping ‚300m.

A senior official from the French Agency for Foreign Investment in the Middle East told reporters here recently that Islamic banking was rapidly increasing in France.

It grew by an incredible 29 percent last year whereas conventionally banking grew barely 6.8 percent.

The official pointed out that the assets of Islamic banks worldwide were expected to soar to a record 1 trillion by the year-end.

He described Qatar as one of the pioneers in Islamic banking and said a memorandum of understanding is to be inked with Doha to facilitate Qatari investment in Islamic banking in France.

According to the official, legalities are being looked into as the rate of tax on returns on Qatari investment in France is yet to be decided.

He said the necessary information was being provided to Qatari businessmen who are keen to invest in France.

Transport and energy are the two major sectors in which Qatar is actively investing in France, said the official.