An investment fund run by Qatar’s government says it will team with an Italian holding company to channel up to €2 billion ($2.5 billion) to traditional Italian industries, including fashion, food and furniture design, according to The Associated Press.

The Nov 19 announcement of the four-year deal comes during a visit to Qatar by Italian Premier Mario Monti. It lists no specific companies for the new investments, but it deepens Italy’s commercial links for Qatar, which already controls the Italian fashion house Valentino.

The joint venture between Qatar Holding LLC and Fondo Strategico Italiano Spa seeks to have initial capital of €300 million ($382 million) and rise in coming years.

Energy-rich Qatar has increasingly pumped cash into prominent Western luxury brands, including Tiffany & Co. and French luxury conglomerate LVMH Moet Hennessy Louis Vuitton