| Issue 3

The growth of Qatar Investment Authority( QIA) reflects our nation’ s traditions of far-sighted leadership, prudent stewardship of resources, and a willingness to seize opportunities for growth when they present themselves to benefit the people of Qatar.

Today, QIA’ s subsidiaries include a number of Qatari enterprises that have emerged as true global players in the banking( QNB), aviation( Qatar Airways), communication( Ooredoo), real estate( Diar), and hospitality( Katara Hospitality) sectors. Many of these are profiled in this very magazine.

Foundation( 2000-2008)

QIA’ s origins trace back to 2000, when the Supreme Council for the Investment of State Reserves was established with the objective of investing Qatar’ s surplus revenues. As Qatar continued to see increasing returns from its oil and gas industries, Qatar’ s leaders recognised that the revenues generated presented a once-in-ageneration opportunity to create an endowment for the future.

This led to the formal establishment of QIA in 2005. Its mission is to develop, invest and manage the State Reserve funds and other property assigned to it by the Supreme Council for Economic Affairs and Investment( SCEAI). QIA started its investment operations in 2006 with a structured asset allocation for asset classes and geographies, and largely relying on external parties to manage the investments.

Growth( 2009-2014)

Against the backdrop of the global financial crisis in 2009, the QIA Board decided to move to a direct investment approach with a focus on individual asset selection. QIA’ s investment approach shifted to focus on pursuing strategic opportunities in high-quality European equities and real estate assets with significant upside potential.

The move towards a more dynamic investment strategy was supported by the development of strong internal capabilities. QIA brought in and trained a new generation of investment professionals and reduced its reliance upon external parties.

36