News

QIA appoints new chief executive

HandshakeQatar has appointed Mansour Ibrahim al-Mahmoud as chief executive of its sovereign wealth fund, the Qatar Investment Authority (QIA). Mahmoud takes over from royal family member Sheikh Abdullah bin Mohamed bin Saud al-Thani, who has been appointed minister of state, according to a royal decree reported by the state’s news agency. The QIA has estimated assets of $320 billion and stakes in high profile international companies and real estate including Glencore, Volkswagen and the London Stock Exchange. During Sheikh Abdullah’s four years at the helm, the QIA moved away from its acquisitions of trophy assets to focus on diversifying its portfolio abroad and deploying more resources at home – a policy designed to help local banks and companies withstand the effects of a diplomatic dispute with Saudi Arabia, UAE, Bahrain and Egypt. No reason has yet been given for the change of chief executives. Earlier this month, Sheikh Abdullah said the fund would focus its future investments on Germany’s financial sector, healthcare and developing technology such as artificial intelligence.  According to sources in a report by Bloomberg, Mahmoud, who was previously head of risk management at the QIA, is expected to pursue a more aggressive investment policy and continue to expand its holdings. ©2018 funds global mena

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