NEW YORK: Qatar’s prime minister announced on Sunday the creation of a new section of the Qatar Investment Authority to promote domestic investment, signalling a shift for a sovereign wealth fund that had previously focused on building wealth abroad.
At the Qatar Economic Forum in New York, Sheikh Mohammed bin Abdulrahman Al-Thani unveiled the new division, Doha Investment, with the goal of increasing the private sector’s contribution to Qatar’s economic growth. It will support our strongest companies, help emerging businesses grow, deepen capital markets and attract international capital and expertise to contribute to this effort,” he said.
The new division will manage QIA’s local portfolio, first handling 45 state-owned firms that account for nearly one-third of the wealth fund’s total assets, according to Qatar’s minister of commerce and industry, Sheikh Faisal bin Thani Al-Thani. Sheikh Faisal will become managing director and vice-chairman of Doha Investment, describing the divide as a consolidation rather than a new formation. The move has been planned for over a decade.
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