Qatar’s $510 Billion Sovereign Wealth Fund Gets New CEO
The Qatar Investment Authority (QIA), one of the world’s largest sovereign wealth funds, has appointed Mohammed Al Sowaidi as its new CEO. Al Sowaidi, who previously served as QIA’s chief investment officer for the Americas region, replaces Mansoor Al Mahmoud, who led the fund since 2018, Bloomberg reports.
Al Sowaidi brings over a decade of experience to the role, having joined QIA in 2010. He played a key role in establishing the fund’s US office and is credited with building its portfolio in the Americas.
The appointment comes at a time when Gulf wealth funds are becoming increasingly influential in global finance. With assets totaling approximately $4 trillion, these state-backed investors are actively deploying capital across various sectors.
QIA, with its $510 billion in assets under management, is the world’s eighth-largest sovereign wealth fund. Established in 2005 to manage Qatar’s revenue from liquefied natural gas, the fund has played a significant role in global finance, particularly during the 2008 financial crisis, where it provided support to lenders like Barclays and Credit Suisse.
The QIA was also known for its investments in high-profile assets like the iconic Harrods department store in London. However, it has since shifted its focus to investing in growth sectors like technology and healthcare. The fund has also indicated an increased focus on Asia and the US, along with investments in digitization and infrastructure.
With Al Sowaidi at the helm, QIA is poised to continue its expansion and play a key role in shaping the global financial landscape. The fund employs some 550 people.
