The Authority aims at investing and managing the Government of the State of Qatar funds assigned to it by the Supreme Council for Economic Affairs and Investment, in accordance with the policies, strategies and plans approved by the Supreme Council for Economic Affairs and Investment.


Supreme Council for Economic Affairs and Investments (SCEAI)

QIA is owned by the Government of the State of Qatar and reports to the Supreme Council for Economic Affairs and Investments, the highest decision making body concerning Energy, Investment and Economy in Qatar. The SCEAI, which is Chaired by His Highness the Amir, approves investment strategy, assigns funds and approves the budget as well as certain QIA Regulations.

Board of Directors

The Authority is managed by a Board of Directors, consisting of a Chairman, a Deputy Chairman and a number of members appointed by a decision of the Amir, which also determines their remunerations. Some of the members are independent and qualified in the investment field, and the members may include one or more international experts.

QIA Board of Directors

H.E. Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani


H.E. Sheikh Mohamed bin Hamad bin Khalifa Al-Thani

Vice Chairman

H.E. Mr. Ali Shareef Al-Emadi


H.E. Sheikh Abdullah bin Saoud Al-Thani


H.E. Mr. Saad Sherida Al-Kaabi


H.E. Mr. Ali Ahmed Al-Kuwari


H.E. Dr. Hussain Ali Al-Abdulla


H.E. Mr. Nasser Ghanim Al-Khulaifi


H.E. Hassan Abdulla Al Thawadi



The CEO, Mr. Mansoor Bin Ebrahim Al-Mahmoud, has the responsibility to execute and oversee investment strategies. He is also responsible for the day-to-day management of QIA.

The CEO is supported by the Management Team, consisting of QIA's senior leaders.


QIA's Group Internal Audit Department assists QIA in its oversight responsibilities. Specifically, the Department's primary role is to:

• Provide an independent perspective on key elements of QIA's internal control systems

• Ensure that all policies and procedures are in place, up to date and adequately followed and implemented


The Santiago Principles are a set of 24 voluntary guidelines that assign best practices for the operations of sovereign wealth funds. The principles were proposed in 2008 through a joint effort between the International Monetary Fund (IMF) and the "International Working Group of Sovereign Wealth Funds" (IWG-SWF).

The purpose is to identify a framework of generally accepted principles and practices (GAPP) that properly reflect appropriate governance and accountability arrangements as well as the conduct of investment practices by SWFs on a prudent and sound basis. The GAPP covers practices and principles in three key areas.

These include:

• Legal framework, objectives, and coordination with macroeconomic policies

• Institutional framework and governance structure

• Investment and risk management framework

QIA was one of the co-founders of the Santiago Principles and is proud to be one of the few members to be involved in drafting both the initial and final versions. Similarly, as a founding member of the IWG-SWF, QIA fully supported the development of the International Forum of Sovereign Wealth Funds (IFSWF) and was heavily involved in drafting its constitution and establishing the forum.

QIA is committed to high standards of governance. Going forward, we aim to continuously reinforce this commitment and will continue to review our transparency, governance framework and accountability standards in order to comply with the Santiago Principles.



The Government of the State of Qatar has determined that QIA is a savings fund without pre-defined liabilities and whose objective is investing for the benefit of Qatar’s future generations.

QIA’s investment mandate includes an objective to invest domestically and internationally. In addition, QIA acts as custodian for certain domestic funds and assets of the State in order to provide oversight and to support effective management of the assets of the Government of the State of Qatar.

Any investment activity having significant direct domestic macroeconomic implications is closely coordinated with the domestic fiscal and monetary authorities represented at the Supreme Council for Economic Affairs and Investment to ensure harmonization of those activities with domestic macroeconomic policies.

QIA seeks to achieve real long-term investment returns without exposing the Portfolio to unacceptable levels of risk. The Supreme Council for Economic Affairs and Investment through discussion with the Board will determine the timing and level of any dividend payments from QIA to the Government of the State of Qatar.

It is the practice of QIA to ensure segregation between investment decision making and investment evaluation teams.

Authorities of the Board

The Board is accountable before the Supreme Council for Economic Affairs and Investment, and has all the powers and competences necessary for achieving the Authority’s objectives, and in particular the following:

1- Laying down the Authority’s general policies, within the framework of the general policy approved by the Supreme Council for Economic Affairs and Investment.

2- Approving the investment programs and projects of the Authority and following up on their execution.

3- Evaluating the performance of investments in accordance with the set strategies and long-term plans.

4- Approving the standards and criteria of investments, as proposed by the CEO.

5- Approving the organisational structure of the Authority.

6- Issuing the HR regulations for the Authority’s Employees, and the regulations for Tenders and Biddings, and other internal regulations.

7- Approving the important policies for the Authority including the governance policies, investment policy, the Risk Management Framework, the policy setting the relationship between the Authority and its subsidiaries, and the policy defining the relationship between the Authority and third parties.

8- Approving the annual budget and the closing account of the Authority, and submitting them to the Supreme Council for Economic Affairs and Investment for approval.

9- Considering the periodical reports and follow-up reports concerning Authority works, which shall be submitted by the CEO to the Board.

10- Submitting the required reports about the activities of the Authority to the Supreme Council for Economic Affairs and Investment.

11- Any other works assigned to it by the Amir or the Supreme Council for Economic Affairs and Investment.

Role of the CEO

The Authority shall have a Chief Executive Officer, who shall be appointed by an Amiri Decision.

The CEO shall be accountable to the Board of Directors, and shall within the applicable policies, plans, programs and procedures in the Authority, in the light of the accepted international standards, independently from the Board, manage the Authority’s technical, administrative, financial, legal and investments affairs and in particular shall carry out the following:

1- Buying and selling stocks, bonds, bill notes and other securities issuing in or outside the Government of the State of Qatar in accordance with the investment policy adopted by the Board.

2- Buying, selling, and investing real estates in full or by sharing with others.

3- Making cash deposits of all types in the banks and financial institutions in the Government of the State of Qatar or aboard.

4- Establishing investment portfolios in various investment markets and managing them or delegating the management responsibility to external investment managers.

5- Buying and selling foreign currencies.

6- Buying and selling gold and precious metals.

7- Approving the establishment of companies or setting up investment projects, by the Authority alone or with another party, or contributing to existing companies or projects, in or outside the Government of the State of Qatar.

8- Preparing the studies and recommendations concerning the Authority’s activity.

9- Preparing an annual report on the Authority’s activity and its financial position during the fiscal year or at the request of the Board.

10- Proposing the draft regulations and policies of the Authority.

11- Preparing the annual budget proposal and the closing account of the Authority.

12- Approving the procedures, decisions implementing regulations and policies of the Board.

13- Approving executive management policies of the Authority, procedures and decisions implementing them.

14- Following up the investment developments in the world, and issuing directions to the concerned departments to respond quickly to such developments.

15- Assuming general supervision over the departments belonging to it and revising the annual investment plan and assuring that it complies with the investment strategy and policy of the Authority.

16- Assigning expertise firms and experts to prepare studies, provide advices, or assigning to them certain tasks necessary for the performance of his duties.

17- Expressing his opinion on the draft laws regarding investing Government of the State of Qatar funds.

18- Carrying out any other works assigned to him by the Board or the Chairman of the Board.The Chief Executive Officer may delegate some of his powers to any one of the Authority’s officers he may choose.



Funds are assigned to the Authority by the Supreme Council for Economic Affairs and Investment, and the Ministry of Finance may assign additional funds or surpluses.

The Authority shall reinvest the investment returns that are generated with respect to funds managed by the Authority.


Except for annual distributions to the Government of the State of Qatar of income and gain generated from investing the funds managed by the Authority, the withdrawal of funds managed by the Authority shall be limited to emergency situations as determined by the Supreme Council for Economic Affairs and Investment.


Leverage at total portfolio level will only be implemented to the extent permitted within approved limits. In addition, certain investments, for example in real estate, may involve leverage at the project level, as determined by the QIA investment team. When leverage is involved, appropriate due diligence and risk assessments are conducted by QIA in order to fully understand, measure, and manage risks connected with such borrowing facilities.


QIA's investment strategy is based on its responsibility to generate a strong and sustainable return for the Government of the Government of the State of Qatar, within the boundaries of an investment mandate based on purely economic and financial grounds and a long-term investment time horizon.

As a consequence, QIA deals with third parties solely on economic and financial grounds. QIA has a strong set of anti-money laundering, anti-corruption, anti-bribery policies in place. The same policies also have to be enforced by QIA counterparties in the context of direct transactions. Specific tender process and a Tender Committee, in-line with the Qatari Tender Law and the QIA Tenders and Auctions Regulations, were defined and set up to ensure full transparency and remove any potential conflict of interest indealing with external service providers and suppliers.


The CEO provides regular reports to the QIA Board, covering various activities of the Authority.

On an annual basis, QIA provides the SCEAI detailed performance reports, along with the consolidated annual report and consolidated audited financial statements.

Performance reports show performance returns, analysed and benchmarked using various methodologies, including by asset class, by peer group, by sector, by portfolio, etc.

In addition, the QIA Board of Directors appoint an external Auditor of the Big Four firs to audit the financial statements of QIA and provide its report to the QIA Board and to the Supreme Council for Economic Affairs and Investment.


QIA is an attentive shareholder and will usually be represented at meetings of shareholders of companies in which it has a material investment, in this context, ‘material’ may mean material in financial or percentage terms. In this regard QIA is motivated only by the responsibilities of its Mission and acts strictly and exclusively in pursuit of economic and financial objectives.


Qatar Investment Authority (QIA) was established by Amiri Decision No (22) of 2005 (as amended) establishing the QIA, with the aim of:

“… developing, investing and managing the State reserve funds and other property assigned to it by the Supreme Council for Economic Affairs and Investment of the State of Qatar (“the Supreme Council”) in accordance with the policies, plans and programs approved by the Supreme Council.”

The Tax Unit of the Legal Department is responsible for providing the tax services required to support the operation of QIA’s business or, where appropriate, for coordinating the provision of such services from External Tax Advisers or Legal Counsel.

In support of QIA’s mandate, this Policy is intended to provide a framework for managing taxes in QIA. This outlines QIA’s:

• approach to the management of tax;

• attitude to tax planning;

• assessment of acceptable tax risk;

• tax governance effectiveness; and

• intended relationship with tax authorities.

Scope Of This Policy

This Policy applies to Qatar Investment Authority (QIA), all QIA Managed Entities and all Special Purpose Entities (“SPEs”) controlled by any of them (“QIA Group”).

This Policy has been approved in accordance with the QIA governance framework and policies and applies to QIA Group’s activities within the State of Qatar, as well as globally.

Our Culture

At QIA, we are driven by our values and principles. Integrity is an important part of who we are as an organisation. We believe that honesty and professionalism are fundamental to our role as the sovereign investment fund of the State of Qatar. Our culture and values are fully reflected in this Policy.

Our Approach To The Management Of Tax

The Tax Unit of the Legal Department has a responsibility, delegated to it and overseen in accordance with the QIA Policies and Procedures, to manage the QIA Group’s tax position in a way that:

• Protects the value of investments, with tax being treated as any other cost to the QIA Group;

• Limits financial costs through the appropriate use of legitimate tax planning;

• Reduces the risk of errors that may result in financial costs or reputational damage through the maintenance of a robust tax governance framework; and

• Complies with the relevant applicable tax laws, act with robust integrity in all its dealings with tax authorities in all of the jurisdictions in which it operates and invests.

Tax Planning

Tax planning is a legitimate activity, which the QIA Group should engage in to protect the value of its investments and manage the costs of any taxes it suffers. Accordingly, QIA will always consider taking advantage of legitimate tax reliefs and alternatives offered under the laws of the countries in which it invests.

However, QIA does not use marketed tax avoidance schemes or conduct any wholly artificial tax planning.

Transaction structures must have QIA’s wider commercial goals as their fundamental driver and QIA will always consider the potential impacts of all proposed transactions including considering any potential financial and reputational impacts on the QIA Group.

Tax Risk

QIA accepts that tax risk is a function of the QIA Group’s global activities and needs to be managed appropriately. It does this through adhering to the QIA’s formal risk management framework, policies and methodologies to ensure that emerging tax risks across all activities are identified, assessed, managed, and reported where appropriate to QIA senior management.

Where new tax risks emerge, either as part of a transaction or through day-to-day operations, these are formally assessed by the Tax Unit to ensure that these are in line with the QIA’s attitude to risk.

Where appropriate, tax advice will be taken from reputable third party advisors and advance clearances will be sought periodically from tax authorities to ensure that QIA complies with the laws applicable to the transaction structure.

Tax Governance

The Tax Unit of the Legal Department is responsible for ensuring that it meets the robust requirements set out in the QIA’s governance standards.

This involves ensuring that there are effective controls in place around all significant tax processes and operations, with adherence to these controls monitored and reported to senior management on a regular basis.

Reviews of tax governance effectiveness are undertaken on a periodic basis by the QIA’s Internal Audit department and by the Tax Unit of the Legal Department to ensure compliance with the QIA’s governance standards.

Tax Compliance And Interaction With Global Tax Authorities

QIA intends to have professional and cooperative relationships with tax authorities in all of the jurisdictions in which it operates.

It endeavours to comply with all its compliance obligations and legal disclosure requirements and whenever a dispute arises, it actively engages with the relevant tax authority to expedite an efficient resolution.

*We consider that this tax policy statement applies to QIA’s activities within the State of Qatar, as well as globally, and complies with QIA’s obligation under paragraph 16(2), Schedule 19 Finance Act 2016 for the year ended 31 December 2017 and subsequent accounting periods.