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QIA Review 2016 QIA QIA Review 2016 QIA Qatar Investment Authority Review 2016 Contents 2 4 6 8 10 Letter from Letter from Our Board QIA at a Glance Governance our Chairman our CEO Members and Framework Our Mission Executive Legal Framework Management Our Vision Our History Governance Investment Governance Building the Future with Global Vision 14 18 24 30 34 Human Capital: Our Strategy Investment Risk Management Our Portfolio Culture & Talent Approach QIA Strategy Risk Governance International How we invest Strategy Our Investment Risk Management Portfolio in our people Implementation Approach Framework Qatar Qatarisation Market Review Our Investment Investments and Outlook Process 1 Letter from our Chairman We play an important role in supporting the goals of the Qatar National Vision 2030, and also in looking beyond that – to generate the resources necessary to meet the needs and expectations of our children’s children. It means being able to look beyond short-term turbulence and market trends, and consider deeper issues of sustainable value and growth. 2 Building the Future with Global Vision Dear Stakeholders, Over the past few years, we At Qatar Investment Authority, have adapted our strategy we are very conscious of our to reflect contemporary responsibilities to the people macroeconomic trends, which of the State of Qatar and also include low global growth, to future generations. We play low energy prices, and strong an important role in supporting competition for viable investment the goals of the Qatar National opportunities from other Vision 2030, and also in looking institutions. We have focused beyond that – to generate the on wealth preservation and resources necessary to meet the increased diversification, needs and expectations of our because we see these two children’s children. areas as critical for ensuring that we excel in our role as Applying this long-term a core component of the perspective is an essential part of State of Qatar’s long-term our role as a world-class investor. growth strategy. It means being able to look beyond short-term turbulence We will continue to refine and and market trends, and consider enhance this approach, in order deeper issues of sustainable value to be as successful a global and growth. This thinking is a key investor as we can be. By doing part of our investment philosophy, this, we aim to build a bright which sees us spread our risk future with global vision, and live across different asset classes and up to the trust placed in us by the geographies, so that we are State of Qatar and its people. diversified and able to secure the legacy of the nation. Abdullah Bin Hamad Bin Khalifa Our philosophy ensures that we Al-Thani are ready to adapt and change Chairman with the times. As you will see in this first-ever QIA Review, Qatar Investment Authority is an institution that continues to evolve its organisational structure, its approach and its skills base, in order to deliver sustainable growth. In particular, we invest in our people, bringing the very best Qatari and international talent together to ensure that we have a team who can tackle the critical investment issues of the day while identifying opportunities for the future. By doing this, we are not only enhancing our organisation, we are also supporting the Economic Development Pillar of the Qatar National Vision 2030, boosting the knowledge-based economy and training young talent. 3 Letter from our CEO QIA is entrusted with As an organisation, we are deeply Importantly, our nation has taken contributing to the long-term aware of our role in contributing significant steps to diversify its prosperity of the State, to the diversification and evolution economy away from the oil and of Qatar’s economy, and also gas sector. Recognising the enabling it to realise future in ensuring that sufficient reserves incredible opportunities that opportunities, and providing are available in the future to Qatar’s energy reserves offer, but for expenditures such as enable the people to pursue also recognising that these are education and healthcare. their aspirations. ultimately finite resources, the country has used the funds As such, I would like to cover four generated by these sectors to key areas of focus for QIA in this invest in our most valuable and introduction. These are: our role sustainable asset – the people in the development of the State of Qatar. New industries continue of Qatar; our role as a global Dear Stakeholders, to develop in Qatar, and investor; the steps we are taking concurrently a number of Qatari On behalf of Qatar Investment to build a world-class organisation; enterprises have emerged as true Authority, it is my pleasure to and the programmes we are global leaders in the banking, present this inaugural review introducing to develop the Qatari aviation, communication, real to you. We are proud of the talent of the future. progress we have made and the estate, and hospitality sectors. In all of these areas, we continue story we have to tell. This review QIA has a clear and defined role to pursue excellence in order to provides insight into QIA’s role, in this diversification process, both build for the future. strategy and achievements, in through our role as a shareholder addition to outlining the steps we Our role for the State of Qatar in leading companies, and as have taken over the last year to an organisation that is driving ensure that we continue on our It is worth stressing that the past decade has been one of the development of world-class successful development path. national talent. As our Chairman has outlined, almost unmatched growth and every investment decision that development for the State of QIA makes is shaped by our Qatar. As a nation, we have responsibility to the people pursued projects and launched of Qatar. new initiatives that would have been practically unthinkable just a single generation ago. 4 Building the Future with Global Vision We invest in the very best, in Our people are an integral a wide range of asset classes part of our success and we and regions, stand-alone and continuously seek to secure also in partnerships, joint ventures the very best local and and co-investments with leading international talent with the institutions around the world. right skills and capabilities. QIA is entrusted with contributing As you will see in this review, our Developing Qatari leaders to the long-term prosperity of the successful flagship investments Building for the future also means State, enabling it to realise future have generated international developing talent in Qatar. We opportunities and providing for attention, but have also have recruited numerous Qatari expenditures such as education positioned us well for future nationals, and we are building and healthcare. Additionally, growth, in spite of the uncertainties a strong pool of Qatari trainees QIA acts as a reserve fund of the global economy. across the organisation. We are with the capacity to provide committed to supporting future support for the State in case of Our organisation Qatari leaders and to helping extreme emergency. Since the formal establishment young Qatari talent achieve their of QIA in 2005, we have strived potential. For this reason, we By taking on this role – as both to create and nurture an have developed a state-of-the- supporter of diversification and institution built on excellence. art development programme, guardian of long-term economic outlined in this review, including stability – we provide the State Our people are an integral dedicated graduate recruitment, of Qatar with a key asset in its part of our success, and we career development and long-term strategy for growth. continuously seek to secure the very best local and leadership programmes. Our role as a global investor international talent with the In conclusion, QIA continues to In addition to our involvement right skills and capabilities. grow and develop, just as the in Qatar’s economy, we are Although our activity has grown, State of Qatar continues to building a diversified and global we remain a lean and nimble strengthen and diversify. We are investment portfolio for the benefit organisation, which is able to taking all necessary measures to of the State. We aim to generate combine international best ensure that we continue to live sustainable returns and maintain practice in investment execution up to our responsibilities and to resilience against adverse market and risk management with a the trust placed in us by the cycles and volatility. dynamic, collaborative and leadership of Qatar. We operate as a multinational proactive style. We devote time I would like to thank H.H. Sheikh investor with a global perspective. and effort to refining our processes, Tamim Bin Hamad Bin Khalifa We draw on comprehensive and have invested in world-class Al-Thani, Emir of the State of Qatar, sector insight and the analysis systems to support our work. We for his vision and clear-sighted of our investment specialists to intend to maintain this approach, direction. I would also like to thank identify opportunities. We invest in as constant improvement is intrinsic our Chairman, H.H. Sheikh the very best, in a wide range of to our culture. Abdullah Bin Hamad Bin Khalifa asset classes and regions, stand- As this review outlines in depth, Al-Thani and our distinguished alone and also in partnerships, we invested significant time and Board of Directors for their wise joint ventures and co-investments resource in 2015 to developing guidance and support. Everything with leading institutions around our human resources, including QIA achieves is made possible by the world. a far-reaching organisational their contribution. Our portfolio has a long-term transformation programme and a Finally, I would like to extend my perspective and a prudent number of Qatarisation initiatives.
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