Previously, the share of US government bonds and bills as a part of GPIF’s total foreign debt stood at 47 percent. The fund changed its investment strategy in the last year and now it focuses more on higher returning equities and overseas debt.

Last month, it was revealed that GPIF returned a record 25 percent for the 12 months ended March 31, which is around $339 billion. It was also the first time in seven years that the fund beat its benchmark. Overseas stocks were the biggest positive driver which accounts for nearly 60 percent of the fund.

Earlier this year, the pension fund revealed that it recorded a loss in the first quarter of 2020 as the coronavirus pandemic sparked a global equity rout in the period. GPIF lost 11 percent, which is around S$229.7 billion during the period.

Mr Masataka Miyazono, the president of GPIF told the media, “The decline in domestic and foreign equities led to a negative return for the fiscal year. Both equity markets performed strongly during 2019 even under pressure from the US-China trade negotiations. The global coronavirus pandemic led to investors taking a risk-off stance.”

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Group Chief Executive Ali Ahmed Al Kuwari, said: “Our strategy and vision is to become among the leading banks in the Middle East, Africa and Southeast Asia. We have expanded our region to include Southeast Asia by 2020 and to be one of the main players in the Southeast Asia region.”

The bank is interested in markets with faster growth rate by comparison to Qatar’s growth of two to four percent a year, according to Chief Financial Officer Ramzi Talat Mari.

Al Kuwari said there are no plans in the pipeline to issue US bonds in the near future. However, they have the potential to do so with an approved programme of up to US$17.5bn of international bonds, of which the bank has used up only 60% to 70%. “At the moment we don’t need it, we are very liquid,” he added.

QNB has borrowed over US$2.3bn through private placements this year, reported Zawya. At present, the bank is active in Egypt and Turkey and has penetrated into other markets including Singapore, Vietnam, Myanmar, India, Indonesia and China.

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