The hands of Qatari funds stretch out on the Costa Smeralda. An interest that took hold four years ago, when the Qatar Investment Authority, the sovereign wealth fund of the reigning family, bought Smeralda Holding from the American-Lebanese financier Tom Barrack, for a figure, according to rumors, of 200 million plus debts.
A purchase that left 4 extra-luxury hotels in the hands of the emirs, plus golf clubs, resorts and land. Above all the lands, over 2.300 immaculate hectares along the coast, are the table on which the most important game is played.
Their theoretical value, in fact, is very high, but they are not buildable. The Region of Sardinia is currently discussing a new urban plan and Qatar, whose Smeralda Holding fund is managed by Italian Mario Ferraro, has decided not to put pressure on the authorities. It is clear, however, that the funds of the emirs seek the benevolence of the regional authorities.
From this point of view we can see the fact that it will be the emirs of Doha who will invest the necessary capital to complete the construction of the Mater Olbia hospital. In any case, for now, the fund managed by Ferraro is focusing on the restructuring and improvement of existing structures, with investments of 50 million euros.
We'll see for new buildings. If there should be any news from the Region of Sardinia, “we'll be ready”, clarifies Ferraro, who however is keen to make something else clear: “There will be no concrete flows. The Costa Smeralda attracts because it is a natural paradise and environmental protection is a priority for us”.
