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Qatar Holding seals Costa Smeralda deal

Jet-set properties injected with funds

19 April, 13:17
Qatar Holding seals Costa Smeralda deal (ANSA) - Rome, April 19 - Qatari emir Hamad Bin Khalifa Al-Thani has sealed a deal for the acquisition of luxury properties on Sardinia's Costa Smeralda, ANSA sources said on Thursday.

Qatar Holding, the Gulf country's 46-billion-euro sovereign wealth fund, now reportedly holds over 51% of the indebted Smeralda Holding, which manages five-star hotels, the majority of the yacht marina, the famed Porto Cervo villa, the Pevero Golf Club and 2,400 hectares of seafront land.

The properties were built in the 1960s by the hugely wealthy businessman Aga Khan. The deal is reportedly part of a plan for a relaunch, including recapitalization, in order to reel in Smeralda Holding's 200-million-euro debt. Sardinia's Costa Smeralda is one of the world's most exclusive tourist areas, frequented by celebrities, business leaders and other affluent visitors.