Doha -  Qatar’s sovereign wealth fund has made an iconic purchase in America — a stake in the company that owns New York’s Empire State Building.

The $622-million purchase by the Qatar Investment Authority comes as the Doha fund increases its investments in the U.S. as the small country on the Arabian Peninsula tries to cope with low global oil and gas prices.

The Empire State Realty Trust Inc., which manages the 102-story, 1,454-foot (443-meter) -tall building, announced the Qatari purchase late Tuesday, saying the fund would gain a 9.9-percent stake in the company. The trust owns a total of 14 office properties and six retail properties around the New York area.

The Qatar Investment Authority did not respond to a request for comment Wednesday.... Read More: VIN