Qatar’s $300 billion sovereign wealth fund is establishing a regional center in Singapore as part of its efforts to diversify a portfolio heavily weighted toward Europe and the United States, according to Bloomberg.
While the Qatar Investment Authority has done business in the city-state before, having a local office will help the company expand its footprint in Southeast Asia and beyond. According to his LinkedIn page, Abdulla Al-Kuwari is now the head of QIA Advisory (Asia/Pacific) Pte. Ltd, and Jason Chew is an adviser.
On Wednesday, a QIA spokesman confirmed the fund had a wholly-owned advising subsidiary in Singapore but gave no additional specifics. Another spokesperson stated earlier this year that the subsidiary will act as a “springboard” for identifying investment possibilities in the region.
After years of substantial investment in Europe, the fund has pledged to spend more in Asia and the United States in order to seek development and diversity.
Qatar Investment Authority Advisory (Singapore) Pte. stated in a June 2021 letter to Singapore’s corporate regulator that it was a wholly-owned subsidiary of the QIA and requested a change in its local name.
According to the Sovereign Wealth Fund Institute, the QIA is the world’s 11th biggest wealth fund, having been founded in 2005. It owns holdings in firms including London Stock Exchange Group Plc, Volkswagen AG, and Glencore Plc, among others. The firm also took part in a fundraising round for Chinese electric-car company Xpeng Inc. prior to its IPO in the United States last year.