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Qatar Investment Auth. manages over USD 65 bln in assets - Min. Al-Mahmoud

Deputy Premier and Minister of State for Cabinet Affairs Ahmad Al-Mahmoud
Deputy Premier and Minister of State for Cabinet Affairs Ahmad Al-Mahmoud
DOHA, April 21 (KUNA) -- Qatar Investment Authority (QIA) manages over USD 65 billion of assets, a senior Qatari official said Saturday.
Deputy Premier and Minister of State for Cabinet Affairs Ahmad Al-Mahmoud, addressing the opening session of the Global Investment Form held on sidelines of UNCTAD XIII Conference, said role played by global investment funds in capital accumulation, job creation and technology transfer was very crucial.
He said sovereign wealth funds supported growth and development through investment to develop countries.
Al-Mahmoud pointed out that Qatar has invested its revenues through these funds which would support growth and provide job opportunities in the world's poorest countries.
The Qatari official said the participation of sovereign wealth funds required special care of national and global investment policies in order to contribute to the comprehensive and sustainable development.
He said UNCTAD conference was the largest supporter of the new generation of sustainable development-oriented investment policy and that Qatar supported this trend.
He also expressed Qatar's keenness on constant contact with UNCTAD to encourage investment and projects to create job opportunities, especially for youth and women.
Al-Mahmoud suggested that the positive economic and social changes that may result from the Arab Spring, especially for young people, will not be sustainable without diplomatic efforts and partnership between all stakeholders in this regard.
Al-Mahmoud said the results of dialogue between developing and developed countries were still low, specially with regard to technology transfer.
Meanwhile, a report by the UNCTAD said global economy has been growing at a pace faster than the progress achieved by the global economic governance.
The report, highlighting importance of institutional reforms, said limited governance contributed to the financial crisis in 2008-09.
It said the developing countries have varying benefits from international markets.
The report calls for reforming global governance and globalization or there would be consequences. (pickup previous) ma.bs KUNA 212218 Apr 12NNNN