Qatar Foundation, a non-profit body which has major investments domestically and overseas, has appointed a new president and a new chief executive of its investment arm as the Gulf state continues to make high-level personnel changes.

 

Sheikh Tamim bin Hamad Al-Thani took over from his father as Qatar's ruler in June, and since then, several top jobs have changed hands including the posts of prime minister, finance minister, and the chief executives of sovereign wealth fund Qatar Investment Authority and Qatar National Bank.

 

Analysts believe Sheikh Tamim wants to put his stamp on the state's financial management team, and may adjust Qatar's flamboyant overseas investment strategy in order to focus more on developing the domestic economy.

 

Qatar Foundation was established in 1995 by the former emir, Sheikh Hamad Bin Khalifa Al-Thani, with a mandate to develop the country's human capital and knowledge-based industries. It is controlled by Sheikha Moza Bint Nasser, Sheikh Hamad's second wife.

 

In a statement late on Monday, Qatar Foundation said it had appointed Saad Al-Muhannadi as its new president. He takes over from Fathy Saoud, who was appointed in November 2007.

 

Rashid Al-Naimi was appointed the new chief executive of Qatar Foundation Investments, the foundation's investment arm. He was previously vice-president of administration at Qatar Foundation and before that, manager of human resources for RasGas, the state-run oil and gas firm which contributes nearly 20 percent of the world's liquefied natural gas production, according to the statement.

 

Qatar Foundation owns stakes in companies including telecommunications firm Vodafone Qatar and Ahli Bank . In May, Qatar Foundation Endowment, an investment vehicle of the foundation, bought 5 percent of Indian telecommunications firm Bharti Airtel for $1.26 billion. - Reuters