Qatar’s crane manufacturer, Qatari-owned Crane Industries, raised a record $100 million in financing, and has set itself the goal of doubling that total to $250 million.
The firm, which has a history of making and selling parts for a wide range of aerospace, defense, and defense-related projects, has announced a new round of financing that will help expand its operations in China.
The company will spend about $10 million to $12 million of that on capital investments, according to its announcement.
The fund also includes the issuance of new equity, including $5 million from China’s largest state-owned bank, Wanda.
In addition, Crane Industries plans to expand its presence in the United States, the announcement said.
The announcement comes as China prepares to host the 2022 World Cup.
The country has been struggling to get its infrastructure built for the event, with Beijing struggling to fill the venues and infrastructure needed to host a tournament that draws in tens of millions of spectators and millions of visitors.
Crane Industries was founded in 2010.
The latest round of funding will help it expand operations in the Middle East, Africa, and Asia, according the firm’s press release.
Qatari media reported that the investment represents Qatari government support for the company’s efforts in China and Africa.
“Qatar is in a global competition with many of the world’s most advanced aerospace companies for a high-profile world sporting event, and we are committed to contributing to this challenge,” the firm said in a statement.
Crane is a joint venture between Qatar Airways and Airbus, which jointly operates the Qatari fleet of Qatari aircraft.
It is currently the largest aircraft manufacturer in the Gulf Cooperation Council.
Qatas has been a focus of U.S. criticism of the country’s human rights record.
President Donald Trump recently imposed travel restrictions for six Qatari nationals in the U.K. and two in France, after the country denied visa-free entry to a senior Qatari diplomat, Mohammed al-Jassem.
That was in response to allegations that Qatari officials used a Qatari private jet to take dozens of Americans to a private island in the Persian Gulf for luxury dinners.