Qatar Investment Authority (QIA)

Qatar Investment Authority (QIA)

What is the QIA?

The Qatar Investment Authority (QIA) is Qatar’s sovereign wealth fund, headquartered in Doha. Established in 2005, it manages state reserves with the objective of preserving and growing national wealth to support Qatar’s long-term economic development. The fund is government-owned and reports to the Supreme Council for Economic Affairs and Investment (SCEAI); Qatar’s State Audit Bureau audits its financial operations.

Key facts

• Founded: 2005 (operations began in 2006)
• Headquarters: Doha, Qatar
• Ownership: Government of the State of Qatar (reports to SCEAI)
• Estimated size: ~ $360 billion (mid-2022); reached a record ~$450 billion earlier in 2022
• Investment scope: Global—public and private markets, real estate, infrastructure, alternatives, fixed income, derivatives
• Investment horizon: Long-term, patient approach

Governance and principles

QIA is governed by a board of directors and managed by executive leadership. It states five guiding values: integrity, mission focus, entrepreneurialism, excellence, and respect for people. Risk management is emphasized as a core element of its strategy.

Investment strategy and process

QIA pursues long time horizons and a diversified global portfolio. Its investment process is structured into four stages:
1. Origination — sourcing opportunities, often with co-investors (e.g., global banks, other sovereign wealth funds)
2. Evaluation — rigorous due diligence
3. Execution — entering positions at favorable prices without unduly moving markets
4. Active portfolio management — ongoing monitoring, re-evaluation, and disposition when appropriate

In 2020 QIA introduced a top-down Reference Portfolio to guide medium- and long-term asset allocation. This Reference Portfolio sets return objectives and risk/liquidity limits used to produce annual and multi-year investment plans for each team.

QIA uses a wide mandate with no formal limits on asset classes: domestic and foreign marketable securities, real property, private equity, infrastructure, credit and fixed income, alternatives, and derivatives. Most investments are outside Qatar. The fund actively trades its holdings but generally does not pursue activist ownership.

Notable policies and initiatives

• Diversification became a clear priority from 2015 onward.
• In 2017 QIA was a founding member of the One Planet Sovereign Wealth Fund Group, integrating climate-related risks and opportunities into long-term asset management.
• In 2020 QIA announced it would make no new investments in fossil fuel companies.

Investments and holdings

QIA makes direct investments across real estate, infrastructure, financial institutions, industry, and investment funds, alongside publicly traded equities and fixed-income instruments. Its global, diversified portfolio is designed to meet long-term returns subject to board-set risk and liquidity constraints.

History — key dates

• 2000: Supreme Council for the investment of state reserves established to manage surplus revenues
• 2005: QIA established to develop and manage state reserve funds
• 2006: Investment operations begin
• 2009–2012: Expansion of investment teams and sectors (financial institutions, real estate, capital markets, commodities, infrastructure, retail)
• 2015: Strategic emphasis on diversification
• 2017: Founding member of the One Planet Sovereign Wealth Fund Group
• 2020: Adoption of Reference Portfolio framework; announcement to cease new fossil fuel investments

How can investors gain exposure?

Foreign investors can, in many cases, own up to 100% of Qatari companies, though direct access to specific QIA holdings is usually limited. U.S. and international investors seeking exposure to Qatari equities commonly use an ETF such as the iShares MSCI Qatar ETF (QAT).

Size and global ranking

With assets estimated around $360 billion in mid-2022 (and a peak near $450 billion earlier that year), QIA ranks among the world’s largest sovereign wealth funds.

Takeaways

QIA is a government-owned, long-term investor with a broad global mandate. It emphasizes diversification, risk management, and active portfolio stewardship, and has increasingly incorporated sustainability considerations into its approach.