Qatar Investment & Projects Development Holding Company (QIPCO) is a prominent Qatari shareholding company based in Doha, which through its subsidiaries, maintains a focus on financial and real estate markets.
YouTube Encyclopedic
-
1/2Views:2 379580
-
What is The Qatar Investment Authority?
-
تطور تنفيذ مشروع المحور الشرقي السريع Implementation Progresses in the East Corridor Project
Transcription
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Qatar Investment Authority” The Qatar Investment Authority also known as QIA is a government-owned entity responsible for managing the sovereign wealth fund of Qatar. The source of the sovereign wealth fund is primarily excess oil and gas revenues from the development of Qatar's oil and gas reserves. The Qatar Investment Authority was established in 2005. The QIA is governed by a board of directors. Qatar's State Audit Bureau is responsible for auditing the financial operations of the QIA. The QIA does not have any mandated limitations on its investment universe and is able to invest in both domestic and foreign marketable securities, real property, alternative assets and private equity funds. QIA is estimated to hold in excess of $170 billion of assets an amount that is expected to significantly increase as the state completes its expansion projects to become the world's largest liquefied natural gas exporter with 77 million tons output capacity. The QIA does not publish its holdings to the market. It is not clear if QIA mixes or not personal investments of the royal family members and the funds of the state of the Qatar. In May 2010, Qatar Holding, an indirect subsidiary of QIA, purchased the Harrods Group from Mohamed Al-Fayed, including the Knightsbridge department store. QIA are also the largest shareholder in Sainsbury's. Also in 2010, Qatar Investment Authority, along with Colony Capital was part of an investment group known as Filmyard Holdings, which purchased Miramax from Disney. In February 2012, it completed the acquisition of Credit Suisse's headquarters in London. QIA holds a 6% stake in Credit Suisse.
Overview
QIPCO Holding was founded in 1999, initially as a property developer and equity investor, in an effort to claim a stake and contribute to Qatar’s development.[1] It has investments with global companies in various sectors including real estate, construction, oil and gas, trading and advanced services, and finance and joint ventures. Through investing approximately Qrs. 300 million of its capital, the company has sought to maintain diversified interests in the region by forming numerous independently operated subsidiaries that specialize in their respective sectors.[1] These subsidiaries include Midmac Contracting, Mannai Corporation, Black Cat Engineering & Construction, Tornado Company, Special Projects Services Company, Investment House, Al Bustan Real Estate Company, and QIPCO Residential Compound. It has established joint venture companies with strategic partners including Siemens, General Motors, Cisco, ThyssenKrupp, Emcor, and Transfield.[2][3]
Current standing
Its latest strategy in recent years has been to develop a diversified portfolio focusing on emerging markets. QIPCO has also aligned itself to the Qatar National Vision 2030. In light of the recent granting to Qatar as the host of the 2022 FIFA World Cup, QIPCO seeks to assist the country in meeting its objectives both in investment and infrastructure strategies and execution as a host city of the World Cup.[1]
Leadership
Currently, QIPCO has 5 members on its board of directors. Its chairman is Sheikh Abdulla Bin Khalifa Al Thani and its CEO is Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani, who is also the Chairman of the board of Midmac Contracting Company, LLC.[4] Sheikh Hamad is Sheikh Abdulla's son while Sheikh Abdulla is the uncle of the Present Emir of Qatar and the younger brother of the Emir Father.[1][5] Its Deputy CEO and Director is Mohammed Ali Mohammad Khamis Al Kubaisi.[2] QIPCO’s board of directors is made up entirely of members of Qatar’s ruling family.[6] Hamad bin Abdullah bin Khalifa bin Hamad Al Thani is the first cousin of Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, the current Emir of Qatar.
Controversy
In March 2016, Amnesty International released a report stating that in the interviews they conducted with workers refurbishing the Khalifa National Stadium in Doha "all reported human rights abuses of one kind or another," and that the "vast majority alleged they had their passports confiscated", this despite the Qatari government's promise to ensure minimum labour standards on World Cup sites.[7] The confiscation of passports also known as the Kafala system in Qatar was abolished during the year 2021 and the country took multiple measures for its workers sector which was included in the report published by Human Rights Watch in September 2020. According to the report’s findings, Qatar introduced a new rule where migrant workers can freely change jobs without employer permission at any time during their employment, including during the probation period, as long as they notify their employers in accordance with Labor Ministry procedures within a prescribed notice period.[8]
The contractor refurbishing the stadium is a partnership between a subsidiary of the Belgian company Besix, and the Qatari company Midmac,[7] a QIPCO subsidiary.[9] Midmac is also the main contractor at Al Wakrah stadium.[10]
References
- ^ a b c d "QIPCO".
- ^ a b "Qatar Investment & Projects Development Holding Co., W.L.L.: Private Company Information — Bloomberg". Bloomberg News.
- ^ Solutions, Vision Web. "About Us".
- ^ "Hamad Bin Abdulla Bin Khalifa Al Thani: Executive Profile & Biography — Bloomberg". Bloomberg News.
- ^ Stoodley, Sheila Gibson (1 October 2015). "Sheikh Hamad bin Abdullah Al-Thani".
- ^ "Password Protected Site".
- ^ a b Gibson, Owen (March 31, 2016). "Migrant workers suffer 'appalling treatment' in Qatar World Cup stadiums, says Amnesty". The Guardian. Retrieved November 24, 2016.
- ^ "Qatar: Significant Labor and Kafala Reforms". Human Rights Watch. 2020-09-24. Retrieved 2023-02-07.
- ^ "MIDMAC — Company Profile". Midmac. Retrieved November 24, 2016.
- ^ Walker, Lesley (May 16, 2016). "Here's a look at five under-construction World Cup stadiums in Qatar". Doha News. Retrieved November 24, 2016.
This page was last edited on 6 November 2023, at 05:59