Italy’s Costa Smeralda resort area on the island of Sardinia has been bought by Qatar’s investment fund, Qatar’s Emir Sheikh Hamad bin Khalifa Al Thani said.

“We have invested in Sardinia given the importance of the area,” Sheikh Hamad said at a news conference in Rome today with Prime Minister Mario Monti. “I can ensure that the Italian side will be happy about our investment.”

He gave no further details.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: Jeffrey Donovan at jdonovan26@bloomberg.net