QIA STEPS UP TECH IN­VEST­MENTS

Qatar Today - - DEVELOPMENT -

Qatar In­vest­ment Author­ity has, within a short time, made a cou­ple of big in­vest­ments in high pro­file tech­nol­ogy com­pa­nies.

Ac­cord­ing to The Wall Street Jour­nal, Uber, the ride-shar­ing startup, con­ducted a new round of fund­ing worth $1.2 bil­lion (QR4.37 bil­lion) which in­volved two hedge funds and Qatar's soverign wealth fund, QIA. It is not clear what per­cent­age of this fig­ure is to come from QIA, but the pa­per com­mented that this tie-up may be about more than the money for Uber; QIA could prove to be a “strate­gic part­ner that could fa­cil­i­tate Uber's ex­pan­sion into new re­gions by re­duc­ing reg­u­la­tory hur­dles.” Barely ten days later, it was an­nounced that QIA has picked up a $150-mil­lion (QR546-mil­lion) stake in In­dian e-com­merce com­pany Flip­kart, which is among the top five pri­vately held tech­nol­ogy star­tups in the world. In­ci­den­tally, QIA wit­nessed a shuf­fle at the top with the step­ping down of CEO Ah­mad Al Sayed who was re­placed with the cur­rent Chair­man of Oore­doo, HE Sheikh Ab­dul­lah bin Mo­hamed bin Saud Al Thani.

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