Qatar Sovereign Fund Plans to Expand Activities in Asia

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
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Qatar Sovereign Fund Plans to Expand Activities in Asia

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)

Head of Asia-Pacific Advisory at the Qatar Investment Authority (QIA) Abdullah Al-Kuwari announced that the country's sovereign wealth fund is currently expanding its operations in Australia, South Korea, and Southeast Asia, according to a report by Reuters.

Speaking at the Milken Institute Asia Summit in Singapore, Al-Kuwari said QIA is identifying investment opportunities, including corporate spin-offs and acquisition deals in Japan, along with prospects in the technology sector in India.

The Qatar Investment Authority, one of the largest investors globally, manages assets estimated at $526 billion, as reported by the Sovereign Wealth Fund Institute.

Al-Kuwari indicated that the fund plans to increase its workforce in Australia and South Korea and has already started building its team in Japan, with plans to further expand. He emphasized Japan as a key market for QIA’s future focus.

The fund’s expansion in Asia, where it already holds stakes in the London Stock Exchange and Spain’s Iberdrola, aligns with its strategy to diversify investments beyond its traditional European and American markets.

In June, Reuters reported that QIA had agreed to acquire a 10% stake in China Asset Management, the second-largest mutual fund company in China.



Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
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Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)

Billionaire hedge fund manager Scott Bessent won Senate approval Monday to become US Treasury secretary, placing him at the forefront of implementing Donald Trump's economic agenda -- which is already triggering global jitters.

Bessent, a Wall Street veteran who was born and raised in South Carolina, has defended the Republican president's tax cutting and tariff proposals while urging efforts to secure supply chains and the dollar's global status.

On Monday, he cleared a confirmation vote with a comfortable margin of 68-29, with bipartisan support.

As Treasury chief, Bessent will have a hand in the administration's tax policies and its budget, confronting the debt limit and steering plans that could lead to fresh tariffs.

Mike Crapo, who chairs the Senate Finance Committee, said Monday that Bessent was "committed to restoring the prosperity and opportunity" seen under Trump's leadership.

But Ron Wyden, the top Democrat on the committee, warned it was unclear that Bessent would serve as a check on Trump's economic plans, which could weigh on consumers and small businesses.

Bessent, 62, has said he would back tougher sanctions on Russian oil majors as a way to end the war in Ukraine, while signaling a hawkish approach on China.

Trump returned to the White House this month vowing lower taxes to aid Americans squeezed by high costs of living, and tariffs to pressure other countries to align on US concerns.

The president has warned of tariffs on allies and adversaries - including major trading partners Mexico and Canada on February 1.

Now all eyes are on how his Treasury chief walks the line between supporting these efforts and avoiding tensions that may roil the world economy.

At his hearing, Bessent disagreed that Trump's proposed duties on imports would be paid for domestically, noting that levies can be used in negotiations, to remedy unfair trade practices or to boost revenues.

He also took aim at government spending and high budget deficits.

He will have to grapple with Trump's promised tax cuts - alongside their consequences for the US economy - as he begins his role.

The Treasury Department has oversight across areas from federal finances to bank supervision. It also oversees US sanctions.

- Family friend -

Bessent has known the Trump family for three decades and was friends with the president's late brother Robert, he previously said.

"I was all-in for President Trump," he said on Trump ally Roger Stone's radio show.

Bessent attended Yale University and served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of liberal billionaire George Soros.

In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund.

More recently, Bessent said he had not spoken to Soros in years.

Bessent is chief executive at Key Square Group, but has committed to resigning from the position at the hedge fund and divesting his partnership share upon confirmation.

- 'Only-in-America' -

During his confirmation hearing, Bessent recounted taking an internship in finance -- a job that came with an office pullout sofa, allowing him to live in New York rent-free.

"I've been involved in the financial markets ever since," he told lawmakers. "My life has been the only-in-America story that I am determined to preserve for future generations."

Urging for all tools to be used "to realign the economic system to better serve the interests of working Americans," Bessent has criticized "unfair distortions" in global trade.

He previously floated the idea of Trump nominating a "shadow Fed chair" to dilute the influence of Federal Reserve chief Jerome Powell.

But he has since dropped the idea and stated that he supports the central bank's independence in policymaking.

"President Trump is going to make his views known, as many senators did," Bessent said in his hearing on January 16.

He added that on monetary policy, the Fed's rate-setting committee "should be independent."