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Qatar elevates Al-Sowaidi to lead Qatar Investment Authority

Nov 13, 2024, 11:23am EST
Middle East
Mohammed Al-Sowaidi, CEO of Qatar Investment Authority.
Mohammed Al-Sowaidi, CEO of Qatar Investment Authority. Qatar Economic Forum/YouTube
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The News

Qatar appointed Mohammed Al-Sowaidi — Qatar Investment Authority’s former chief investment officer in the Americas — to be the $510 billion sovereign fund’s new CEO. He joined the fund in 2010, and has led US investments including into EV battery maker Ascend Elements and a 5% stake in Monumental Sports & Entertainment, owner of the Washington Wizards.

QIA was once known for flashy deals in Hollywood, New York, and London, but in recent years has become more active in tech, healthcare, and private credit. Al-Sowaidi’s promotion comes as Qatar moves to boost its liquefied natural gas capacity by 85%, which is expected to generate surpluses over the next two decades.

Sovereign wealth chiefs rarely speak publicly, so his recent comments are worth scrutinizing. He said the fund is almost evenly split between public and private assets, and doesn’t expect to provide dividends to the Qatari government before “2030-plus.” At the Qatar Economic Forum, he said the fund must “alter our style to adapt long-term bets” to market changes.

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Al-Sowaidi — who established QIA’s New York office in 2015 before returning to Doha in 2020, according to consultancy Global SWF — is the fund’s fifth CEO, and the third not from the royal family.

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