Emir’s Megalomania aims no Limits

Cheikh Hamad Bin Khalifa Al Thani  took control of the country in 1995 while his father was on vacation abroad.

Cheikh Hamad Bin Khalifa Al Thani took control of the country in 1995 while his father was on vacation abroad.

The suitor is one of the world’s wealthiest men; the location happens to be the eurozone’s poorest country. But in an unlikely coming together of economic circumstances, the emir of Qatar, Hamad bin Khalifa Al Thani, has opted to splash out €8.5m on six idyllic isles in the Ionian sea.

The latest in a global shopping spree that has seen the sheikh’s property portfolio spread from London to Beijing – has been met with glee in Greece, the west’s most bankrupt state, and Doha, where the royal household experienced 18 months of excruciating drama to take possession of the outcrops.

The isles, known as the Echinades, caught the oil-rich monarch’s fancy when he moored his super-yacht in the turquoise waters off Ithaca, took in the view and liked what he saw. That was four summers ago.

The purchase, the biggest private investment in Greece, appears to have been a windfall for the emir, who drove a hard bargain in a market where investors are few and far between. The first island, Oxia, initially came with a price tag of €7m before its Greek-Australian owners agreed to let it go for just under €5m. Last week, Denis Grivas, whose family has owned the title deeds to the other five almost since the foundation of modern Greece, also settled on a price.

“The islands have been in my family for over 150 years but we are not rich enough to be able to keep such valuable properties any longer,” he said, ruing the soaring taxes the crisis-hit Greek state has slapped on real estate. “We are very, very happy to see them go. They have been on the market for nearly 40 years.”

Read Full Article : Qatar Emir buys six Greek Islands

Source : Guardian UK

The Greek island of Oxia, was the Qatari emir's first purchase, which cost €5m.

The Greek island of Oxia, was the Qatari emir’s first purchase, which cost €5m.

Qatar is boosting its financial presence abroad, amassing billions of dollars in foreign assets. And its economic expansion is not limited to Arab countries with cash from Doha flowing to Europe and the US as well. While Qatar itself cites diversifying its economy as the main reason for foreign investments, there’s a growing feeling that politics is playing a major role in the strategy.

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