Also quantum computing
Strategy shifting over past decade
Qatar Airways captured the headlines this week with its near $100 billion order for Boeing aircraft during US President Donald Trump’s Gulf visit.
But behind the scenes the country’s $526 billion sovereign Qatar Investment Authority (QIA) is making investments that could prove to be of greater strategic importance to the country, with an increasing focus on technology.
The QIA has invested in about 90 privately owned international companies over the past two decades, including 21 biotech and 11 software businesses, S&P Global data shows.
Healthcare equipment, entertainment and hotels and resorts are among the other sectors it has targeted.
So far this year the QIA has bought into six businesses – five based in North America, plus Indian restaurant chain Rebel Foods.
Its North American acquisitions were into healthcare, biotech and software companies, the largest of which was as part of a $15 billion fundraising by artificial intelligence specialists Databricks.
Qatar is betting big on AI, having also participated in a $6 billion fundraising by Elon Musk’s xAI in late 2024.
Last year QIA pledged to invest a further €300 million ($336 million) in French entrepreneurial platform Bpifrance. The two partnered in leading an investment joint venture for Paris-based quantum computing company Alice & Bob.
It also became an “anchor” shareholder in France’s Ardian Semiconductor, a fund that itself invests in Europe’s semiconductor industry.
“Gulf SWFs are looking for potential localisation efforts in domestic technology acquisition and manufacturing,” says Karen Young, a senior research scholar at the Global Center on Energy Policy at Columbia University.
“There is also the benefit of controlling stakes in firms, and we see this as a particular interest in computing and AI.”
Under the former emir Sheikh Hamad bin Khalifa al Thani, the QIA bought multibillion-dollar stakes in the likes of banking group Barclays, Volkswagen and British supermarket chain Sainsbury’s.
When he abdicated in favour of his son in 2013 and Mohammed Saif Al-Sowaidi replaced Sheikh Hamad bin Jassim bin Jaber al Thani as QIA’s CEO, its investment strategy started shifting.
For instance, from 2021 onwards Qatar has increased the number of international private company investment deals in which it participates.
In 2020 it was involved in only six. That more than doubled to 13 in each of 2021 and 2022 before peaking at 19 deals in 2023.
“There is a broader trend among GCC sovereign wealth funds [SWFs] moving more towards private equity investments over portfolio investments or shares in publicly traded companies, so this falls in line with other SWFs in the region,” Young says.
“QIA is a 360-degree sovereign wealth fund fulfilling both strategic and long-term goals,” says Javier Capapé, director of sovereign wealth research at Spain’s IE University.
“Its investments in iconic assets are paired with more profitable bets.”
As well as its investments in private companies, the QIA and its subsidiary Qatar Holding own stakes worth at least $300 million in 34 listed companies worldwide.
Combined, these are worth almost $80 billion and include shareholdings in Spanish utility Iberdrola (almost $9 billion), London Stock Exchange Group (almost $5 billion) and miner Glencore ($3.4 billion).
Domestically QIA owns stakes in various companies such as Qatar National Bank, the Middle East and Africa’s biggest bank by assets, former telecom monopoly Ooredoo and petrochemicals and fertiliser manufacturer Industries Qatar.
