Qatar appoints the Americas head of QIA to oversee a $510 billion fund.

Mohammed Al Sowaidi was appointed CEO of Qatar's $510 billion sovereign wealth fund, which is expected to amass even more financial might in the years to come.Al Suwaidi joined the fund in 2010 and most recently served as QIA's chief investment officer in the Americas, where he assisted in the establishment of a US office. He takes over for Mansoor Al Mahmoud, who has been in charge of the organization since 2018—a period of time longer than the usual four-year mandate.

With almost $510 billion in assets under management, the QIA is the eighth-largest sovereign fund in the world, according to consulting firm Global SWF. It was established in 2005 to manage the nation's liquefied natural gas earnings, of which Qatar is a major exporter.The appointment of Al Suwaidi coincides with the growing significance of wealthy Gulf wealth funds in international banking. The largest state-backed investors in the area manage over $4 trillion in assets. During the 2008 financial crisis, the QIA was instrumental in helping lenders, including Barclays Plc and Credit Suisse. It was also renowned in the past for its fondness for trophy assets, like buying the famous Harrods department store in London's upscale K.