Qatar Investment Fund steps back from Qatar

The Qatar Investment Fund, set up in 2007 to invest in Qatari equities, plans to stop investing principally in Qatar.

The fund said it planned to change its name to the Gulf Investment Fund and to remove a cap that stopped it investing more than 15% of its capital outside its main investment destination.

“The board is mindful that the existing investment policy, whilst allowing for some investment in GCC countries other than Qatar, is principally a single country focused policy and the board is conscious of the risk to the company from having a principally single country focus,” said a statement by the fund.

The fund is domiciled in the Isle of Man and its investment adviser is Qatar Insurance, the largest insurer in Qatar.

The Qatar Exchange index has lost roughly a quarter of its value this year. Qatar is increasingly isolated from its neighbouring Gulf countries because of a diplomatic dispute over issues including Qatar’s alleged support for terrorism.

Earlier this year, ratings agency Moody’s downgraded Qatar’s outlook from stable to negative as a result of the diplomatic crisis.

©2017 funds global mena

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