QIA moves US$100b port­fo­lio to min­istry

New Straits Times - - Business -

DOHA: Qatar Investment Au­thor­ity (QIA) will trans­fer over­sight of its ap­prox­i­mately US$100 bil­lion (RM4.43 bil­lion) do­mes­tic port­fo­lio to the coun­try’s fi­nance min­istry as the sov­er­eign fund un­der­goes its sec­ond over­haul in three years, said peo­ple with knowl­edge of the mat­ter.

QIA’s stakes in com­pa­nies such as Qatar Air­ways, Qatar Na­tional Bank SAQ and tele­com provider Oore­doo QSC would come un­der the con­trol of fi­nance min­is­ter Ali Sha­reef Al Emadi, said the peo­ple.

Ahmed Al-Ru­maihi, a for­mer Qatari diplo­mat in the United States, pre­vi­ously man­aged the fund’s do­mes­tic unit af­ter it was set up last year.

Qatar, the world’s rich­est coun­try per capita, was over­haul­ing its US$335 bil­lion sov­er­eign fund as an on­go­ing slump in oil prices slows the pace of vast wealth ac­cu­mu­la­tion and buy­outs of tro­phy as­sets around the globe, in­clud­ing hold­ings in Hol­ly­wood, Lon­don res­i­den­tial prop­erty, Bri­tish and Swiss banks, as well as a Euro­pean soccer team.

The QIA, cre­ated in 2005 to han­dle the coun­try’s windfall from liq­ue­fied nat­u­ral gas sales, last year grouped its lo­cal as­sets into a new unit and aban­doned the Qatar Hold­ing name syn­ony­mous with its high­est-pro­file deals.

The move was the fund’s big­gest shake-up since Qatari royal Sheikh Ab­dul­lah Bin Mo­hammed Bin Saud Al Thani took over from Ah­mad Al-Sayed as chief ex­ec­u­tive of­fi­cer in 2014.

Qatar was us­ing con­sol­i­da­tion as a tool to cut costs af­ter oil prices de­clined. Bloomberg

BLOOMBERG PIC

Qatar Investment Au­thor­ity says its stakes in Qatar Air­ways and Qatar Na­tional Bank SAQ, among oth­ers, will come un­der con­trol of Fi­nance Min­is­ter Ali Sha­reef Al Emadi.

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