Qatar's Sovereign Wealth Fund Buys Costa Smeralda Resort area in Italy

Transformed into a popular tourist resort in 1962 by Prince Karim Aga Khan Ismaili, Italy’s Costa Smeralda resort area on the island of Sardinia has been bought by Qatar’s investment fund.

The sovereign wealth fund, led by Sheikh Hamad Bin Jassin Bin Jabr Al-Thani, who is also the Prime Minister and Foreign Minister of the emirate, was created in 2006 as the operating branch of the Qatar Investment Authority. The  agreement was sealed on Monday 16 April.  The acquisition includes luxury hotels in Costa Smeralda, on the Italian island of Sardinia, the Cala di Volpe, Pitrizza, Romazzino and Cervo Hotel, in addition to the Marina, the Yard of Porto Cervo and the Pevero Golf Club, ranked among the top 100 golf courses the world, in addition to a land of 2,400 hectares. 

The northern Sardinian coast was mostly uninhabited until 1962 when Prince Karim Aga Khan Ismaili, attracted by the rare beauty of the place, decided to develop the area into an upscale resort destination. He enlisted master architects Michele Busiri-Vici, Jacques Couëlle, Savin Couëlle, and Luigi Vietti to create new structures that perfectly integrate traditional Galluran architecture with the surrounding environment. With its white-sand beaches, a golf club, private jet and helicopter service, and luxury hotels, the Costa Smeralda soon became a key tourist destination for celebrities, business leaders, and other affluent visitors.

ImmobilSarda is the Christie's International Real Estate exclusive Affiliate in Sardinia and represents a range of beautiful properties in the region.