Qatar Investment Authority gets new CEO

Ahmad Al-Sayed was appointed CEO of the Qatar Investment Authority, the sovereign wealth fund of the world's richest nation, the country's official news agency said Tuesday.

Sheikh Tamim bin Hamad Al Thani will chair the wealth fund and Sheikh Abdullah was named vice chairman, the Qatar News Agency reported, citing a royal decree. Finance Minister Ali Al Emadi was appointed a board member, the decree said.

The announcement came about a week after Sheikh Hamad Bin Khalifa Al Thani, who stripped his father of the title in a 1995 coup, handed power to his son. Sheikh Tamim assumed leadership of a country of 1.9 million people that has developed into a regional power during his father's 18-year reign.

Mr. Al-Sayed replaces Sheikh Hamad Bin Jassim Al Thani, who led Qatar's government since 2007 as both premier and foreign minister. He was replaced by Sheikh Abdullah bin Nasser bin Khalifa Al Thani as prime minister and Khalid bin Mohammad Al Attiyah as foreign minister when Sheikh Tamim formed his cabinet, the official news agency said on June 26.

Mr. Hamad Bin Jassim was also chairman of Qatar Holding, the foreign investment arm of the country's sovereign wealth fund, at a time when the fund bought stakes in Volkswagen AG and J Sainsbury PLC. The emirate's money helped to support Barclays PLC during the 2008 financial crises and bought London's Harrods department store in 2010.

Mr. Al-Sayed was CEO of Qatar Holding.

Doha-based QIA has about $115 billion in assets, according to the Sovereign Wealth Fund Institute.