Qatar's wealth is no secret. While the country may be geographically obscure with a relatively small population, its immense oil and natural gas wealth has given it a great deal of spending power. While Qatar has focused its wealth on developing infrastructure, education and technology at home and throughout the Middle East, its financial investments stretch far and wide. From football to art and from skyscrapers to fashion, this tiny emirate is definitely diversifying its portfolio.
Here are 9 of Qatar's craziest purchases:
1. Two most expensive paintings of all time ($250 million, $300 million)
The Qatar royal family purchased French painter Paul Cézanne's "The Card Players" for more than $250 million in 2012, becoming the most expensive art purchase of all time when it was made. However, in 2015, Qatar topped this record by purchasing Paul Gauguin's "When Will You Marry?" for $300 million.
2. The Shard – EU’s tallest skyscraper ($220 million)
A consortium of Qatari investors purchased an 80 percent stake in the Shard back in 2007 while it was still under development. They paid 150 million British pounds ($220 million) to make this purchase. Located in London, the Shard is the tallest building in the European Union.
3. Valentino fashion label ($857.5 million)
Mayhoola for Investments S.P.C, a group backed by the Qatari royal family, purchased Italian fashion house Valentino for 700 million euros ($857.5 million) in 2012. The purchase was made at more than 30 times Valentino's previous year's EBITDA.
4. Paris Saint-Germain football club ($131 million value)
The Paris football club was taken over by Qatar Sports Investment with the purchase of a 70 percent stake in 2011. In 2012, Qatar took full control of the club, which was then valued at $131 million. PSG was considered to be an underperforming league but has been reinvigorated under the new management, winning several prominent trophies during the 2014-2015 season.
5. Harrods ($2.3 billion)
The United Kingdom's high end department store chain Harrods was purchased for a whopping 1.5 billion British pounds ($2.3 billion) by Qatar Holding in 2010.
6. City Center development in Washtington D.C. ($650 million)
In 2013, Qatar invested $650 million in the U.S. capital's City Center development project. With a total project cost of $1 billion, Qatar became the majority stakeholder.
7. London 2012 Olympic Village ($906 million)
Qatari Diar, a property investment branch of Qatar's government, invested $906 million in the Olympic Village development in 2011. The deal saw Qatar take over 1,439 homes and purchase land with the goal of building 2,000 more.
8. Former US Embassy in London – Chancery Building (Value unspecified)
In 2009, Qatari Diar also purchased the United States' former embassy building in London, known as the Chancery Building. The amount of the sale is unclear, however the prominent 600-room building in Mayfair's Grosvenor Square definitely wasn't cheap.
9. Canary Wharf Group ($3.9 billion)
London's second largest financial district, Canary Wharf, was fully taken over by Qatar Investment Authority and Brookfield Property Partners LP in 2015. Songbird Estates Plc previously retained 69 percent but sold out for 2.6 billion British pounds ($3.9 billion), giving QIA and Brookfield one hundred percent control.