This Post considers the Qatar Investment Authority.
Objectives based investment:The QIA pursues a double ste of objectives in line with those of many SWFs, at least as a general proposition. It seeks to serve as a futures fund and as a portal through which Qatari wealth may be used instrumentally to develop the state and its economic structures in ways that accord with central planning objectives.
The Qatar Investment Authority is an integral part of Qatar's strategy to diversify its finances into new asset classes, so strengthening and broadening the country's fast-growing economy which is rooted in the natural resources sector.Economic diversification is structured as a set of intertwined internal and external strategic objectives. These are designed to weave together public and private spheres in the service of an integrated set of economic objectives designed to protect the state and to project Qatari power within global markets to ensure both that protection and the strategically conceived internal structures of wealth creation through economic development.
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The Qatar government is using this resource and the funds flowing from it to develop the country's infrastructure, including education and health facilities, and modern hydrocarbon operations. Some $130bn is earmarked for investment over the next 5 6 years, of which $65bn will be devoted to energy-related projects. (QIA Startegy).
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Inside Qatar, measures have been put in place to grow the non-hydrocarbon economy. These measures include the development of small and medium-size enterprises (SMEs); promotional activities such as the Asian Games (Qatar was host to the games in 2006); the creation of the Qatar Financial Centre; property and project development by Qatari Diar Real Estate Investment Company; creation of international brands such as Qatar Airways; investments in energy-intensive industries and research and development facilities and the establishment of world-class educational institutions.
Outside the territory, the QIA is responsible for investing funds in asset classes such as equities and fixed income and private equity, as well as through direct investment. These investments will complement the state's huge wealth in natural resources. The QIA adheres to the strictest commercial and financial disciplines in line with the standards to be expected of a world class investor. (QIA Startegy)
Reporting Structures & Transparency: Overall the transparency ranking on the QIA reads a 5/10 on the Linaburg-Maduell Index, between Iran and the UAE. As with other Gulf funds, investment instruments and activities are led by the board who is ultimately held responsible to the Emir.
Criticisms: Since the founding of the fund less than a decade ago criticisms surrounding the QIA have been largely involving lack of transparency and shareholder activism surrounding its stakes in publically traded companies. Unlike other funds, the QIA does directly deal with taking majority stakes in companies as well as the acquisition of and complete outright ownership of companies. Most notably in 2012 Qatar used its holdings in Xstrata, a mineral resource company who second largest shareholder is Qatar Holdings, to significantly impact, delay the buyout of, and inevitably raise the price that Glencore had to pay to buyout the firm,.
On the real estate and property side of investments, Qatar has come under criticism for singling out Britain as a main route for its investments and from France for Qatar’s proposed investments in suburban slums. The anti-immigration right wing of France, which has been dealing with a significant Islamic population influx from North Africa, has likened the major investments in predominately Islamic areas as an “Islamic Trojan Horse”. With its fixed-income holdings, days after Hosni Mubarak was ousted in Egypt, Qatar invested $5 billion USD in Egyptian bonds followed by an additional $3 billion two years later.
 Article 5 of Emiri Decision No (22) of 2005
 http://www.al-monitor.com/pulse/originals/2013/07/qatar-emir-tamim-investment-fund-new-approach.html# better citation needed.