The Middle East Economic Survey (MEES) said Qatar's sovereign wealth fund, the Qatar Investment Authority, was looking to raise its stake from below 3%, which would make it the biggest shareholder, above Blackrock's 5%, Reuters reported.

Shell declined to comment on the report, the news wire said.

In May, MEES reported that Qatar was looking to buy 3-5% of Shell. Shell confirmed at the time that Qatar had bought a large stake.

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