ID :
348653
Thu, 11/20/2014 - 19:46
Auther :

QIA Chief Announces Launch of Training Academy

Doha, November 20 (QNA) - Qatar Investment Authority (QIA) Chief Executive Officer Ahmad bin Mohamed Al-Sayed said that, upon the directives of HH the Emir Sheikh Tamim bin Hamad Al-Thani, QIA is currently completing necessary procedures to establish its own training academy, which aims to provide the community and the business sector with qualified Qataris and to participate in the human capital development process. In a speech during the opening of the International Forum of Sovereign Wealth Funds (IFSWF), he said that QIA, one of the forum's founders, has been and will always be participating in all IFSWF meetings and activities. He explained that QIA was one of the founders of the International Working Group that drafted the Generally Accepted Principles and Practices (GAPP), known as Santiago Principles, which were adopted by Qatar and SWF members at the headquarters of the International Monetary Fund in 2008, stressing QIA's support for the IFSWF and its committees. He welcomed the signing of the Doha Agreement, which established the reorganization of IFSWF as an independent body with legal personality and independent budget, and selecting London as headquarters. The Emiri decision on founding QIA has clearly identified its objectives which are the investment, management and development of state reserve funds in order to contribute to the effectiveness of the diversification of Qatar's sources of income, he added. He affirmed that, according to the Emiri decision, QIA, an independent body with separate budget owned by the Supreme Council for Economic Affairs and Investment, operates according to a clear and legal framework to achieve its objectives. He added that the state as well as QIA management are both keen on the authority's compliance with Santiago Principles so as to assume its responsibilities and issues its investment decision purely on economic and professional basis regardless of any political influences. He pointed out that Qatar's hosting of the sixth IFSWF annual meeting constitutes a milestone in the march of QIA as it shows keenness on commitment and full compliance with international principles for governance and transparency, especially the Santiago Principles. Al-Sayed said QIA is currently reviewing its legislative tools that were issued before the endorsement of Santiago Principles in order to ensure their compatibility with these principles. He underlined QIA's keenness on implementing the best international systems at QIA, which is evidenced in the authority's commitment to all legislations and rukles in place in countries receiving QIA investments. As an investment body, he added, QIA aims to create financial value in its projects so as to make profit for all concerned sides and contribute to pushing forward economic development in markets and countries that it invests in. Despite being in business for only a few years, he said, QIA has made great and rapid steps compared to international sovereign funds that were created in the sixties and seventies of the last century. Al-Sayed stressed that state support, represented in HH the Emir Sheikh Tamim bin Hamad Al-Thani and, before him, HH the Father Emir Sheikh Hamad bin Khalifa Al-Thani, was behind this huge success of the authority. The QIA chief pointed to the role of QIA's almost 300 of employees who reflect the international nature of the authority as they come from 40 nationalities, stressing the institutional working environment that runs according to strict and high standards. (QNA)

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