Outgoing chief executive of the Qatar Investment Authority Ahmed al-Sayed set to take up new role
The outgoing chief executive of the Qatar Investment Authority (QIA), Ahmed al-Sayed, is set to be appointed an advisor to the Gulf Arab state's emir, a source with knowledge of the matter told Reuters.
Sayed will also retain his title of minister of state, which he held concurrently with his position as head of the sovereign wealth fund, the source added, speaking on condition of anonymity due to the sensitivity of the information.
On Wednesday, it was announced that Sheikh Abdullah bin Mohamed bin Saud al-Thani had been named the head of the QIA, replacing Sayed in a reshuffle which resulted in a number of changes of personnel at board level.
The QIA has recently focused on Asia as it looks to diversify its portfolio of assets away from Europe, where it has predominantly invested in the last few years.
It aims to invest between $15 billion and $20 billion in Asia over the next five years, Sayed said in November.
The QIA signed an agreement with China's state-owned conglomerate CITIC Group Corp last month to launch a $10 billion fund that will invest in Asia. The QIA also spent $616m on a 19.9 percent stake in Lifestyle International Holdings, a department operator in Hong Kong and mainland China.