Qatar fund's property arm cuts staff

Qatar sovereign fund's property investment arm, Qatari Diar, is eliminating staff and cutting costs as the company seeks to overhaul its strategic goals, a regional daily reported on Thursday, citing sources close to the company. Qatari Diar has cut 30 positions in recent weeks, bringing staff count to 350, down from its peak of 600 employees two years ago, The National reported. In addition, Qatar's Finance Minister Yousef Hussein Kamal has replaced Qatar's Prime Minister Shaikh Hamad Al Thani as chairman of the company last month, sources told the paper. The company, which has plans to redevelop London's Chelsea Barracks site, is in the process of deciding whether to be an investment company or a property developer as its refocuses its strategy, one source said. Qatar plans to spend over $125 billion in the next five years on construction and energy projects according to its new development strategy.