DUBAI: Qatar’s sovereign wealth fund Qatar Investment Authority has reduced its stake in upscale jeweller Tiffany & Co. as it rebalances its asset portfolio, according to Morgan Stanley, which managed the deal.
QIA sold 4.4 million shares in the jeweller through a block sale completed on Thursday, Morgan Stanley said in a statement, reducing QIA’s stake to 9.5 percent from 13 percent, according to Thomson Reuters data.
QIA has also recently cut its stakes in Russian energy giant Rosneft and Swiss bank Credit Suisse.
Market sources said the Tiffany share sale was valued at around $415 million.
Morgan Stanley did not give the value of the Tiffany share sale, or who bought the shares but said QIA had agreed to a 90-day lock-up.
“QIA has been a shareholder in Tiffany for over five years, and this transaction forms part of the portfolio rebalancing actions undertaken by QIA from time to time,” Morgan Stanley said.
The sale comes after QIA and Glencore agreed this month to sell part of their stakes in Rosneft.
QIA’s stake in Swiss bank Credit Suisse, one of its most prominent foreign investments, has also fallen, Reuters reported last month.
QIA has denied investor speculation it is having to cut back on overseas assets because Qatar’s economy is slowing. Last month it said it would soon announce new international investments.
Qatar’s economy has been under pressure since June 5 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha, accusing it of backing terrorism, a charge which Doha denies.
QIA has substantial cash reserves, estimated at around $300 billion, but some economists have speculated it might be called upon to support the economy.
Qatar’s government deposited billions of dollars into the banking system in June and July to help offset a pull-out of funds by banks from other Arab states due to the diplomatic crisis.
Qatar sovereign wealth fund cuts stake in Tiffany & Co
Qatar sovereign wealth fund cuts stake in Tiffany & Co
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
