Qatar Investment Authority

TheQatar Investment Authority(QIA;Arabic:جهاز قطر للإستثمار) isQatar'ssovereign wealth fund.The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In November 2024, the QIA had an estimated $526 billion ofassets under management.
The QIA's structure and decision-making procedures have been characterized as non-transparent.However, according to Global SWF’s 2022 Governance, Sustainability & Resilience of State-Owned Investors Scoreboard, QIA is becoming more transparent and sustainable. Spending decisions regarding the fund have been linked to the emir and the prime minister (regardless of whether they sit on the board of the fund).In September 2017,ResearchGate(Berlin-based blog) provided data about the functioning behind the Qatar Investment Authority's investments and it was found out that QIA's participation in global capitalism as a fully state-owned business is a compelling and little-examined facet of the organization.
The QIA was founded in 2005 by the then-emir of Qatar,Hamad bin Khalifa Al Thani, to manage theoilandnatural gassurpluses of thegovernment of Qatar.As a result of its stated strategy to minimize risk from Qatar's reliance on energy prices, the fund predominantly invests in international markets (United States, Europe and Asia-Pacific) and within Qatar outside the energy sector. Prior to establishment of the QIA in 2005, Qatar's Ministry of Finance had a small in-house team to invest revenue from budget surpluses.TheQatar National Vision 2030foresees the shift from natural gas based revenue to QIA-type investments between now and then.
The QIA wholly controlsQatari Diar, a property investment company.The QIA does not publish its holdings to the market.
In June 2013, after the new emir's arrival to power, and a general reshuffle of Qatar's main organizations, Ahmad Al Sayed was appointed as QIA's chairman andchief executive officer, replacingHamad bin Jassim Al Thaniin the postwhile also remaining managing director and CEO of QIA's main subsidiary, Qatar Holding.Sayed held the post for 16 months. In January 2015, SheikhAbdullah bin Mohammed bin Saud Al Thani, chairman of Qatari telecommunications companyOoredoo, was appointed as CEO and served until 2018.From July 2022 to November 2024,Mansoor Ebrahim Al-Mahmoudhas held the position ofCEOof the company.He was succeeded by Mohammed Saif Al-Sowaidi.In March 2023, Sheikh Bandar bin Mohammed bin Saoud Al-Thani was appointed chairman and replaced his predecessor, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, who was named as the country’s Prime Minister, in addition to his long-standing role of Minister of Foreign Affairs.
The fund is a member of theInternational Forum of Sovereign Wealth Funds.
As of 2021, the Qatar Investment Authority had more than half of its assets invested in private equity and listed shares.According to Bloomberg, QIA has increasingly targeted start-ups in growth markets, such as Asia and the US. It has invested in indoor farming and firms that make plant-based meat alternatives.
Qatar Investment Authority owns 100% of Qatar Holding LLC, and it also owns 50% ofQatar National Bank. QIA is affiliated withQatar Islamic Bank(16.67%) and with Ubac Curaçao NV (1.35%).
In January 2013, one writer pegged the QIA investment in Britain at €30 billion, France at €10 billion and Germany at €5 billion,while another reported that the total assets under management in June 2013 was on the order of $100 billion.Qatar Holding's stake inBarclaysrose to 12.7% following Barclays' capital raising in October 2008.Qatar Investment Authority holds a small stake inFisker Automotive. It also holds about 17% stake in theVolkswagen Group,Porsche,Hochtief,as well as investments inSainsbury's.The French government has made of Qatar a strategic partner, and the list of partnerships between the two states includesLagardère(12%)Total(4%),EADS(6%),Technip,Air Liquide,Vinci SA(5%),GDF Suez,Veolia(5%),Vivendi, Royal Monceau,France TelecomandAreva.In February 2009, France accorded special beyond-OECDinvestment privileges to Qatar and itsstate-owned enterprises; one example iscapital gainsexemptions in France.The QIA is also reported to hold part ofGlencore.
On 8 May 2010, Qatar Holding, an indirect subsidiary of QIA, purchased theHarrods GroupfromMohamed Al-Fayed, including theKnightsbridgedepartment store.QIA are also the largest shareholder inSainsbury's.On 3 December 2010, Qatar Investment Authority, along withColony CapitalandTutor-Saliba Corporation, was part of an investment group known asFilmyard Holdings, which purchasedMiramaxfromDisney.
In February 2012, it completed the acquisition ofCredit Suisse's headquarters in London. QIA holds a 6% stake in Credit Suisse and owns shares in Apeldoorn, the majority owner ofCanary Wharf Group. Qatari Diar, a property arm of the fund, along with Canary Wharf, won a £300mn deal to redevelop the Shell Centre in London, the former London headquarters ofRoyal Dutch Shell.The French government has offered tax exemptions for Qatari real estate investments in the country and have acquired almost $4 billion of property.In May 2012, it acquired a stake below 3% inRoyal Dutch Shell. It has announced a plan to raise its stake to 7%.In late 2012 Qatar Sports Investments (QSI) completed a buyout of the French football clubParis Saint-Germain F.C.(P.S.G.), which valued the club at $130 million.QSI invested a further $340 million in the club, they had bought theParis Saint-Germain Handballteam the previous year.The Qatari president of P.S.G.,Nasser Al-Khelaifiis also the director of Qatari owned television networkAl Jazeera Sports, which launched French television channelsbeIN Sport. Qatar has also offered to finance social programs in French suburbs, which has attracted criticism.
In November 2012, QIA andCassa Depositi e Prestitisigned the starting agreement of IQ Made in Italy Venture, a four-year cooperation to promoteMade in Italyin Qatar's Arabic partners and to push them to invest in Italian economic sectors like fashion, luxury, design, food, tourism, lifestyle & leisure.
In January 2013, Qatar Holding, an indirect subsidiary of QIA, said it would invest $5 billion into petrochemical projects inMalaysiain three to four years. The investment was said to help Malaysia compete with neighbouringSingaporeto become the region's top petrochemical hub.The QIA was planning to invest $200 million in residential property inIndiathrough Kotak Realty Fund in late December 2013.In August 2018, Qatar Investment Authority signed Memorandum of Understanding (MoU) to invest up to $500mn in tourism inIndonesia.
In October 2014 Qatar Investment Authority signed an agreement withCITIC GroupCorp to launch a $10 billion fund to invest inChina.The QIA announced its intention to invest $35b in theUSduring the next five years, starting in September 2015.
Via Mannai Corporation, it is currently in a process of acquiring the French computer science group GFI.In 2021, QIA with its subsidiary unit - Locus Engineering Management and Services Co. W.L.L. is investing in a sub-Saharan African renewable energy platform being led by Enel Green Power.
During the 2021 St Petersburg Economic Forum, SheikhTamim bin Hamad Al ThanihighlightedQatar's solid historic relations withRussiaand announced that his country will increase investments in the Russian Federation. He also called onRussia's private sector and the world to exploreQatar's promising business environment in many projects and several spheres.In March 2021, QIA became a minority investor inCoveo, the cloud-based search, recommendations, and personalization company.
On 23 January 2023, Qatar Investment Authority has doubled its stake inCredit Suisse Group, becoming the second-biggest shareholder and underlining the growing importance of Middle Eastern investors to the ailing Swiss bank.
In May 2023,London(United Kingdom) based and Sachin Dev Duggal-led Builder.ai received $250 million in series D funding, led by the QIA.[1][2][3]
In June 2024,Reuterswrote that QIA had agreed to buy a 10% stake inChinaAMCand was awaiting approval by Chinese regulators.
Qatari Diar is areal estatecompany established by the Qatar Investment Authority in 2005 with headquarters in Lusail.
By 2011 the company had stakes inVinci SA, a firm employing 183,000 in 100 countries; in the utilitySuez Environnementand inVeolia Environnement(4.6%, sold in 2018).That same year Qatari Diar bought the Port Tarraco Marina in Tarragona, Spain.Early in 2012 the company had 49 projects in the planning or development stage in Qatar and in 29 countries around the world.The company ownsThe Shard, a skyscraper in London designed byRenzo Pianoand the publicly funded Olympic village also known asEast Village, London;and the former Royal Dutch Shell plc headquarters.In January 2013 it became known that the company had put on hold a redevelopment project ofChelsea Barracksworth around GBP 3 billion.During the same month Qatari Diar pulled out of the bidding for the development of the site of Athens' former international airportEllinikon.
MayorVincent C. Gray(District of Columbia) announced in early 2013 that he will travel to Qatar to promote the flow of global capital to the district. Qatari Diar is said to backCityCenterDCwith around US$700 million.Representatives of Qatari Diar attended an investment conference hosted by the Peruvian Foreign Investment Authority.
In April 2023, the company sold its 22 per cent stake in the build-to-rent developer Get Living, which owns the Olympic Village in East London.It sold its shares toAware Super, an Australian pension fund.
British luxury department store Harrods was purchased by Qatar in May 2010.The sale was concluded in the early hours of 8 May, whenQatari Prime MinisterHamad bin Jassim bin Jaber Al Thanicame to London to finalise the deal, saying that the acquisition of Harrods would add "much value" to the investment portfolio of Qatar Holdings while his deputy, Hussain Ali Al-Abdulla, called it a "landmark transaction".A spokesman for Mohamed Al-Fayed said "in reaching the decision to retire, [Fayed] wished to ensure that the legacy and traditions that he has built up in Harrods would be continued."
Canary Wharf Group Investment Holdings, which is majority owned by Qatar Holdings, is London's largest property owner, with almost 21.5m sq ft of space on its books, according to data from the research firm Datscha.
In addition to its investments withCanary Wharf, Qatar Investment Authority owns the site of theChelsea BarracksandThe Shard.
Qatar Investment Authority is a major shareholder inHeathrow Airport, holding 20 percent of the airport. In 2017, the company invested a further £650 million (US$807 million).
QIA will be taking over Islamabad Airport in Pakistan.
Bloomberg estimated that in September 2015 Qatar Investment Authority lost $5.9 billion on paper from its stakes inVolkswagenandGlencoreafter the carmaker admitted to using an illegal software tocheat on emissions testsin the U.S.By holding 17% of Volkswagen's ordinary stock and 13% of preferred shares, Qatar's sovereign-wealth fund is the third largest investor shareholder in the firm.
QIA is also the largest investor in Glencore (8.2%), a mining company.
Since 2008 dealings between Qatar Holding LLC and Barclays were investigated by the Serious Fraud Office (SFO) for suspicious cash-raising practices during the global financial crisis.Allegedly, Barclays received €7.5 billion ($8.2 billion) cash injection from QIA's subsidiary but did not inform its shareholders.Barclays was charged with failing to act with integrity and breaching disclosure rules for UK listed companies.
Moreover, in 2011 both the Serious Fraud Office and the Financial Conduct Authority (FCA) investigated Barclays' €2.4 billion ($2.7 billion) secret transaction with a Politically Exposed Person (PEP) from Qatar whose identity remains protected by the financial giant and FCA.In that case, Barclays failed to conduct "due skill, care, and diligence" at the base of Britain's anti-money laundering rules.As a result, the UK financial watchdog meted out a record €92 million ($104 million) penalty against the financial giant.
In early 2015, the QIA announced its intent to "invest $35 billion in the U.S. over the next five years" in various sectors of the economy.Sheikh Abdullah bin Mohammed bin Saud Al Thani, chief executive of QIA, told U.S. officials in December 2016 that it plans to invest $10 billion in infrastructure projects inside the U.S., although he specified no time frame. It is unclear whether this amount is intended to be part of the previously mentioned $35 billion, or if it is a new initiative.
QIA has purchased $3.78 billion in Manhattan properties since 2014, including 111 West 33rd Street, 501 Seventh Avenue and 250 West 57th Street.
QIA owns a 44% stake in its partnership withBrookfield Property Partnerson a new mixed-use development delivering in 2019 that will include five separate buildings.In August 2018, Brookfield signed a 99-year lease onJared Kushner's financially troubled666 Fifth Avenueskyscraper. The deal raised suspicions that the Qatar Investment Authority, a major investor in Brookfield, was attempting to influence theTrump administration.
In April 2015, the Permanent Mission of the State of Qatar purchased four apartment units for roughly $45 million at a development within theUnited Nations Plaza.
In January 2014, the Qatari government bought a 20,500-square-foot townhouse for $100 million in Manhattan'sUpper East Side, to be redeveloped into its consulate. From 2012 to 2013, Qatar's prime minister at the time,Sheikh Hamad bin Jassim bin Jaber Al Thani, purchased $285 million in apartments in Manhattan.
As of 2013, QIA was one of the major financiers of a recent development known as CityCenterDC, as it invested $650 million into the project.
In October 2007 the British newspaperSunday Telegraphlaunched a two-month long campaign, called "Stop the Funding of Terrorism", to stress Qatar's persistent negligence in countering terrorist finance and actively supporting terrorist entities and enterprises in the Middle East.
On 14 June 2020, The Telegraph apologized for claiming the Qatar Charity (QC), as a terrorist organization.The Telegraph admitted that, there is no evidence to support the claim that the Qatar charity or its trustees currently support or have ever funded any terrorist or extremist group. Qatar Charity's categorization as a terrorist organization had "no legal standing in the UK," according to the Charity Commission, which also verified that it has no open cases involving Nectar. We apologized to provide clarification and extend our apologies to Qatar Charity and its trustees for any inconvenience or embarrassment caused.
Qatar denied the Telegraph's claims. Qatar stated that being a Muslim investment authority did not necessarily mean they supported ISIL.The nation already agreed to stop supporting the Muslim Brotherhood, expelled Brothers who were not citizens from its territory, and would not shelter any people from GCC countries in order to avoid undermining relations with the Gulf during the period of 2014–2017, when Qatar appeared to be in compliance with counter terrorism and destroying its support to Islamist rebel groups.On 27 March 2022, during the Fourth High-Level Strategic Dialogue between the State of Qatar & theUnited Nations Counter-Terrorism Office(UNOCT), Qatar was entitled as the second largest donor to theUnited NationsTrust Fund for Counter terrorism out of a total 35 other donors.
Qatar Investment Authority's affiliation withQatar Islamic Bank(16.67%) raises concerns about the extent to which the sovereign wealth fund may be or have been involved in some of the bank's activities. In a September 2015 piece, theConsortium Against Terrorist Finance(CATF) discussed theSharia-compliant financial giant's correspondents and posited that several QIB's correspondents "have controversial histories of affiliation with or support of terrorist or extremist activities".According toUS Department of Statescountry reports on terrorism 2019, the Qatari government drafted newAML/CFTlegislation, which was finalized and passed into law on 11 September 2019. This legislation included the country forming National Anti-Terrorism Committee. The NATC is tasked with formulating Qatar's Counter Terrorism policy, ensuring inter agency coordination, fulfilling Qatar's obligations to counter terrorism under international conventions, and participating in multilateral conferences on terrorism. According to this reporting, U.S. officials met regularly with the chairman of the NATC to discuss implementation of the CT MOU and overall CT cooperation.
Also, the Qatar State Security Bureau (SSB) maintained an aggressive posture toward monitoring internal terrorism-related activities. Qatar is also a member of the Defeat-ISISCoalition's CIFG and the TFTC. The country co-hosted a high-level event promoting the power of sport to prevent and counter terrorist radicalization and recruitment on the margins ofUN General Assemblyin September 2019.
There has also been findings regarding counter terrorism measure taken by Qatar in the report published byUnited Nationson 27 March 2022, during the Fourth High-Level Strategic Dialogue between the State of Qatar & theUnited Nations Office of Counter-Terrorism(UNOCT) where the two bodies discussed strategic priorities and collaboration for effective United Nations support to Member States on counter-terrorism. The two sides reaffirmed their strong partnership and discussed opportunities for further collaboration against terrorism. The State of Qatar is the second largest contributor to the United Nations Trust Fund for Counter-Terrorism out of a total 35 other donors.