DOHA: The Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani opened the 6th International Forum of Sovereign Wealth Funds (IFSWF) here yesterday.
In his opening speech, the prime minister noted Qatar’s investment policies are strictly in line with the country’s vision to protect interests of its future generations .
Qatar has created a best-of-its-kind business environment through a number of measures including the plans to revitalize the capital market, raising the percentage of ownership by non-Qataris to shares of companies listed on Qatar Exchange.
To promote the private sector, the state-funded institutions have been directed not to compete with private sector. As a result of expansions in non-oil sector and financial services sector, the country’s GDP grew by 6.3 percent, he said.
He stressed that the wise vision of the Emir H H Sheikh Tamim bin Hamad Al Thani and the Father Emir H H Sheikh Hamad bin Khalifa Al Thani was a reason for Qatar’s prosperity and the distinguished services provided to citizens and residents.
This vision, he added, produced Qatar National Vision 2030, which aims to enable Qatar to achieve sustainable development and ensure the continuation of decent living for its people. Despite the challenges, Qatar is keen on securing these services for future generations, stressing the need to adhere to the approved budgets and spending plans, the disposal of extravagance behaviours and maintaining state funds.
Qatar realized the need for investment and saving systems to provide the necessary funds and diversify sources of income in the long term, and, Thus, came the establishment of Qatar Investment Authority (QIA) in 2005 as an independent institution mandated to investing and saving the state reserve. The QIA’s operations are independent and transparent.
The prime minister welcomed the signing of the Doha Agreement between IFSWF members, under which the forum will act as an independent entity with its own budget and headquarters.
The forum is global network of sovereign wealth funds that works under the umbrella of the International Monetary Fund and aims to discuss the best practices in long-term investment and exchanging knowledge on maximising profits in light of risks involved in assets investment.
The Peninsula
