QIA UN­DER­GOES OVER­HAUL

Qatar Today - - AFFAIRS -

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.

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