Mubasher: Two Qatari royal millennials have been given the key to run a fund of $320 billion.
On Sunday, 4 November, Qatar's Emir Tamim bin Hamad Al Thani issued decree No.7 of 2018 for reshuffling the Council of Ministers.
He also named his younger brother Mohammed bin Hamad bin Khalifa Al Thani to be the vice president of Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, the world's ninth largest sovereign wealth fund with about $300 billion in assets.
The fund has diversified profile deals that gave Qatar holdings in Hollywood, New York office space, London residential property, luxury Italian fashion, and even a soccer team.
“The QIA’s new leaders will have to manage its legacy portfolio and be ready to support the local economy to stave off any impact from a Saudi-led embargo,” Bloomberg reported.
Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism. Doha forcefully denies the charges.
