Qatar reshuffles cabinet, boards of Qatar Petroleum and Qatar Investment Authority

Qatar reshuffles cabinet, boards of Qatar Petroleum and Qatar Investment Authority

Qatar named the head of its largest bank as the new trade minister and restructured the boards of its state-run energy firm and sovereign wealth fund amongst other changes in a top-level shake-up on Sunday, Reuters reports.

It was the first government reshuffle in Qatar, the world’s top liquefied natural gas producer, since early 2016, but diplomats and analysts said the changes did not represent a significant shift in power in the world’s largest liquefied natural gas exporter.

The tiny but wealthy country has been subject to a diplomatic and economic boycott by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June 2017. They accuse Qatar of backing terrorism and cosying up to Iran. Doha denies the charges and says the boycott aims to impinge on its sovereignty.

Qatar’s ruler issued decrees outlining changes to the boards of Qatar Petroleum (QP) and Qatar Investment Authority (QIA), the world’s ninth largest sovereign wealth fund with about $300 billion in assets.

A cabinet reshuffle saw Qatar National Bank (QNB) CEO Ali Ahmed al-Kuwari appointed to a new portfolio which combined commerce and industry under one ministry.

Saad al-Kaabi, the chief executive of QP, was named Minister of State for Energy Affairs and there were also changes to the justice, labor and social affairs, and municipality and environment ministries.

Western diplomats and analysts did not see the shake-up as indicative of a shift in policy nearly 18 months since the start of the regional rift, which Qatar has weathered with new trade routes and amid higher oil prices that have helped it swing to a budgetary surplus this year.

“The cabinet shuffle was expected to come earlier, but was apparently on hold as the country dealt with the blockade and now as the ramifications have been successfully dealt with it was time,” said Majed al-Ansari, an analyst and professor of political sociology at Qatar University.

“It does not signal a change in policy or power shift in the government,” he said.

It was not clear whether Kuwari would retain his post at QNB, the Middle East’s largest lender by assets. The bank, which is 50 percent owned by the country’s sovereign wealth fund, did not immediately respond to Reuters’ request for comment.

QP’s Al-Kaabi, a U.S.-educated engineer, rose through the ranks to become chief executive in 2014 and also sits on the board of the Qatar Investment Authority.

He has gained a reputation among executives of the world’s energy majors, such as Exxon (XOM.N), Shell (RDSa.L) and Total (TOTF.PA), as a reliable counterpart for energy projects that have made the tiny nation of 2.6 million people the biggest exporter of liquefied natural gas (LNG) on the planet.

Abdulla Abdulaziz Al Subaie was appointed minister of municipality and environment, a post seen as key to preparations for the country’s 2022 World Cup. Subaie has served as managing director and CEO of Qatar Rail, which expects to launch Doha’s first metro line this year.

A separate decree on Sunday appointed Mohammed Bin Hamad Al-Thani chairman of the Qatar Financial Markets Authority as part of a shuffle to its board of directors.

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