Qatari wealth fund to create new $100 billion unit

DUBAI: Qatar’s sovereign wealth fund is undergoing its biggest overhaul since 2014, grouping $100 billion of investments in local companies into a new unit and abandoning the Qatar Holding name synonymous with its highest-profile deals, people with knowledge of the matter said.

About $100 billion of the Qatar Investment Authority’s stakes in companies such as Qatar Airways and Qatar National Bank SAQ wi l l be placed into a new internal division named Qatar Investments, the people said, asking not to be identified because the information is private. The fund is seeking to bring greater oversight by having a single person in charge, the people said.

Ahmed Al-Rumaihi will head the unit, they said. The Qatar Holding name, under which the emirate gained an international profile after investing in companies ranging from Glencore Plc to Barclays Plc will now be replaced by the QIA name on international investments, the people said. The country isn’t planning to allocate any new money to the QIA this year or withdraw funds and has asked it to rely on asset sales or dividend income for new investments, one of the people said.