Qatari investment firm Mannai Corporation is working on two acquisitions as part of a drive to expand the proportion of its revenue from international sources to 80 percent, its chief executive told Reuters. Foreign investment from the Gulf state is normally associated with multi-billion-dollar deals by the Qatar Investment Authority sovereign wealth fund, which has bought stakes in top European companies and luxury brands such as Harrods. However, private-sector funds are also looking to buy overseas, with Mannai eyeing majority stakes in businesses with an overall value of between $400 million and $600 million. "Our thing is not to go for trophy assets but to find sustainable, profitable, growth-generating businesses," chief executive Alekh Grewal said in an interview.

"We're looking for businesses which not only provide us with a consistent level of net income, but something that if we come into it, whether they need capital or management, we could enhance their business model and grow it further." He declined to identify targets but said Mannai was looking outside the Middle East in areas excluding real estate, construction, fast-moving consumer goods and marine sectors.

Mannai has spent around $1 billion on acquisitions in recent years, including to fully acquire jewellery firm Damas and take a 35 percent stake in retailer Axiom Telecom, which left the split around equal between revenue generated inside and outside Qatar, Grewal said. The firm announced on February 24 an 18 percent increase in 2014 net profit to 526 million riyals ($144.5 million), with return on equity of 24.3 percent.

Grewal said it was hunting for jewellery firms in Hong Kong and Singapore earlier this year without success and was now turning its attention to the U.S., which accounted for 50 percent of the world's retail diamond sales and was benefiting from strong economic growth; albeit with a highly-local jewellery sector. Since May, Mannai has been trying to boost trading in its shares through a market-making mechanism provided by local trading firm The Group.