Qatar to set up $99bn health, education fund
Doha, May 26, 2013
Qatar has announced plans to establish a health and education fund with a capital of QR360 billion ($98.7 billion), providing a solid base for the realisation of Qatar's ambitious growth plans.
The fund will provide financial support in emergency cases and in cases where the government cannot finance the programmes of health and education from the general budget, provided that this support may not exceed 65 per cent of the revenues of the fund in the preceding year, said a report in the Gulf Times.
It will be under the direct control of the Emir and its headquarters will be in Doha, the report stated.
The fund is aimed at providing financial and sustainable resources to support the health and educational services and the institutions managing them, it stated.
The capital of the fund will be paid from the government revenues in annual payments. Qatar Investment Authority will be a major investor in the Fund, said the report.
As per the royal decree, fund managers can establish companies, individually or with others or acquire existing companies or shares in their capital, whether in Qatar or abroad in co-ordination with the QIA, the report said.
The fund will be managed by a committee appointed by the Emir and will comprise a president and four members. The tenure of the Committee shall be three years which will be renewable for a similar period or periods, it added.