Tuesday, Jul 12, 2011
DOHA (Zawya Dow Jones)--Qatar's Finance Minister Yousef Kamal has replaced the Gulf Arab state's prime minister as chairman of Qatari Diar Real Estate Investment Co., the property arm of the country's sovereign wealth fund, three people familiar with matter said.
It is not clear when Kamal took over the chairman role from Prime Minister Sheik Hamad bin Jassim bin Jaber Al Thani, nor what prompted the high-level management shift.
The news is significant because Qatari Diar will play a key role in implementing the country's massive $100 billion infrastructure program in the run-up to the 2022 soccer world cup, which Qatar unexpectedly won in December.
Qatari Diar teamed up with Germany's Deutsche Bahn in November 2009 to build Qatar's $43 billion national rail network that includes the Doha Metro, a key infrastructure project that the gas-rich Gulf state must complete in time for the football tournament.
Qatari Diar is 100%-owned by the Qatar Investment Authority and counts London's Chelsea Barracks as one of its key investments abroad. Late last month, the property firm received the green light from U.K. authorities to submit a masterplan for the residential site after controversy over initial designs for the project sparked a high-profile legal wrangle.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-07-11 1240GMT
