Qatar Investment Authority and Spain’s COFIDES launch $348m joint investment fund

RIYADH: Qatar Investment Authority and Spain’s state-owned COFIDES have agreed to establish a €300 million ($327 million) joint investment fund targeting strategic projects across the European country, with a focus on green transition, digital transformation, and technological innovation.

In a statement, QIA described the launch of this joint venture as a significant milestone in the relationship between both parties and in their shared commitment to supporting sustainable economic development and innovation in Spain.

Named the Ispania Growth Fund, the initiative will be managed by Spanish firm Portobello Capital and will target small and medium-sized enterprises in high-growth sectors, with the aim of developing the next generation of national companies.

Bilateral trade between Qatar and Spain reached approximately $1.5 billion in 2024, according to Javier Carbajosa, the Europen country’s former Ambassador to Qatar.

Reacting to the agreement, Mohammed Saif Al-Sowaidi, CEO of QIA, said: “Our partnership with COFIDES seeks to support companies at the forefront of Spain’s economic transformation and is a testament of QIA’s strong belief in the strength of Spain’s economy.”

He added: “Thanks to this deeper and more diversified partnership, we will work closely with COFIDES to support the innovative, technology-driven sectors that will shape Spain’s economy for years to come.” 

COFIDES will contribute to the joint structure through its FOCO co-investment fund, a public investment vehicle managed by the wealth fund designed to attract international capital into strategic sectors that underpin the future competitiveness of the Spanish economy.

COFIDES Chair and CEO Angela Perez said the initiative deepens the institution’s existing alliance with QIA and represents “a major milestone in our co-investment strategy with leading international partners.”

She added that the alliance highlights the success of the FOCO fund as a tool for attracting global investors to support the expansion of high-potential Spanish companies.

Inigo Sanchez-Asiain, founding partner of Portobello Capital, expressed pride in collaborating with both QIA and COFIDES on the launch, adding: “This initiative reflects a shared commitment to strengthening Spain’s economic transformation by supporting innovative and high-potential companies.”

The fund’s investments are expected to create jobs, accelerate regional development, and strengthen the resilience of Spain’s small and medium-sized enterprise sector, aligning closely with Spain’s national priorities.