Ahmed al-Sayyed, former head of Qatar Holding, has been appointed the new chief executive officer of Qatar Investment Authority (QIA), following the removal of former Prime Minister Sheikh Hamad bin Jassm al-Thani.

The country’s sovereign wealth fund, which has $115bn in assets according to a report by Campden Research and Qatar Financial Authority, will be chaired by Emir Sheikh Tamim bin Hamad al-Thani. Sheikh Abdullah bin Hamad bin Khalifa al-Thani will become vice-chairman. Ali Shereef al-Emadi, Minister of Finance, and Sheikh Ahmed bin Jassim bin Mohamed al-Thani, Minister of Economy and Trade, were appointed as board members.

Sheikh Hamad Bin Jassim al-Thani has been influential in building Doha’s increasingly prominent role in regional politics, international relations and a spree of high profile asset purchases by the QIA..

He was replaced as prime minister and foreign minister when the country’s cabinet was reshuffled on 27 June, a day after the previous emir Sheikh Hamad announced in a televised broadcast that he was handing Qatar’s leadership over to his fourth and youngest son Sheikh Tamim.