QIA UNDERGOES OVERHAUL
Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100 billion of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals, according to sources.
About $100 billion of the Qatar Investment Authority's stakes in companies such as Qatar Airways and Qatar National Bank S.A.Q will be placed into a new internal division named Qatar Investments. The fund is reportedly seeking to bring greater oversight by having a single person in charge. Ahmad Al Rumaihi, a former Qatari diplomat in the US, will head the unit. The Qatar Holding name, under which the country gained an international profile after investing in companies ranging from Glencore Plc to Barclays Plc, will now be replaced by the QIA name on international investments. The country isn't planning to allocate any new money to the QIA this year or withdraw funds and has asked it to rely on asset sales or dividend income for new investments, according to anonymous sources.