Qatar Investment Authority (QIA), the country’s sovereign wealth fund managing billions of dollars in assets, plans to set up a training academy to hone Qatari youth’s financial and business skills and meet the growing demand for qualified business and finance professionals in Qatar which is witnessing economic boom, said The Peninsula.
Ahmad bin Mohamed Al Sayed, CEO, QIA, told the opening ceremony of the sixth International Forum of Sovereign Wealth Funds (SWF) that the authority is completing procedures for the academy. The Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani opened the forum. He praised the Father Emir H H Sheikh Hamad bin Khalifa Al Thani and the Emir H H Sheikh Tamim bin Hamad Al Thani and said they are responsible for Qatar’s prosperity and the economic boom.
Al Sayed said QIA was one of the founders of the International Working Group that drafted the Generally Accepted Principles and Practices, also known as Santiago Principles, adopted by Qatar and SWF members at the International Monetary Fund headquarters in 2008. He said QIA is reviewing legislative tools issued before the endorsement of Santiago Principles to ensure their compatibility with these principles.
As an investment body, he added, QIA aims to create financial value in its projects to make profit for all concerned sides and contribute to pushing forward economic development in markets and countries it invests in. He welcomed the signing of the Doha Agreement, which reorganised IFSWF as an independent fund with legal personality and independent budget, and selecting London as its headquarters.