QIA STEPS UP TECH INVESTMENTS
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.