(Bloomberg) — Qatar named Mohammed Al Sowaidi as the chief executive officer of its $510 billion sovereign wealth fund, which is set to acquire even more financial firepower in coming years.

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Al Suwaidi, who joined the fund in 2010, was most recently chief investment officer for QIA in the Americas region and helped establish a US office. He replaces Mansoor Al Mahmoud, who’s led the entity since 2018 — longer than a typical four-year term.

The QIA is the world’s eighth-largest sovereign fund with around $510 billion in assets under management, according to consultancy Global SWF. It was founded in 2005 to handle the country’s revenue from liquefied natural gas, of which Qatar is one of the biggest exporters.

Al Suwaidi’s appointment comes at a time when deep-pocketed Gulf wealth funds are playing an increasingly important role in global finance. The biggest state-backed investors in the region oversee assets of about $4 trillion.

The QIA played a key role in supporting lenders during the 2008 financial crisis, backing the likes of Barclays Plc and Credit Suisse. In the past it was also known for a penchant for trophy assets, including the iconic Harrods department store in London’s upmarket Knightsbridge neighborhood.

It has since pivoted to investing in sectors like technology and health care. Executives have previously said they’d also deploy more into Asia and the US, as well as sectors including digitization and infrastructure.

The fund employs about 550 people.

(Updates lead)

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