Traders at the Qatar Stock Exchange. Photo courtesy of Asharq Al-Awsat.
Qatar’s sovereign wealth fund – the Qatar Investment Authority (QIA), one of the world’s largest wealth funds – says it is unconcerned with the fall in oil prices and that it doesn’t plan to change its investment strategy, the sovereign wealth fund’s Chief Executive said on Thursday, according to Reuters.
The plunge in oil prices has been hurting the finances of Gulf Arab oil exporting nations – whom rely on oil and gas sales for the bulk of their revenue – as benchmark Brent crude oil prices fell to over a four-year low of under $77 a barrel last week.
“In QIA, we have a long-term strategy, which accounts for the volatility in the market,” Ahmad Al Sayed, the Chief Executive of the QIA told reporters on the sidelines during an industry conference in Doha. “We are adjusted and ready for such a scenario.”
After years of high oil prices, Gulf sovereign wealth funds including the QIA have built up large savings. The QIA has an estimated $170 billion worth of assets, according to the Sovereign Wealth Fund Institute, according to Reuters.
Source: Reuters
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