Ahmad Al-Sayed, Managing Director and Chief Executive Officer at Qatar Holding and former Vice Chairman of Qatar Exchange since June 2009 has been appointed as chief executive officer of the state-owned Qatar Investment Authority (QIA).
The country state official released a statement made in citation to a new decree by Emir Sheikh Tamim bin Hamad Al Thani.
The QIA, is a sovereign wealth fund, devoted to diversification using money from its energy sector to invest in non-energy related sectors.
The Emir is set to become the chairman of the wealth fund and Sheikh Abdullah was named the vice chairman.
Finance Minister Ali Al Emadi was appointed a board member. Al Emadi is responsible fo spearheading GCC’s largest bank, Qatar National Bank’s (QNB) phenomenal growth and international expansion.
Just before the tiny emirate nation settles from breaking news of its ruler’s change in power, the reshuffle of QIA was announced shortly after, by 33 year-old Sheikh Tamim.
The news of abdication shocked the world as the Emir would usually carry the position up to the time of his death.
Sheikh Tamim, assumed leadership of a country of 1.9 million people that has developed into a regional power during his father’s 18-year reign.
Al-Sayed replaces Hamad Bin Jassim Al Thani, who served as Qatari prime minister from April 2007 up to the day the Sheikh Hamad bin Khalifa Al Thani decided to step down.
Hamad bin Jassim was also the country’s foreign minister.
He has been replaced by Sheikh Abdullah bin Nasser bin Khalifa Al Thani as prime minister and Khalid bin Mohammad Al Attiyah as foreign minister when Sheikh Tamim formed his Cabinet, in a report by Qatar News Agency, QNA.
QIA’s international investments include the London Stock Exchange, Barclays, Lagardere, Chelsea Barracks, Credit Suisse, Raffles Medical Group, Sainsbury’s PLC, and Industrial & Commercial Bank of China.