Doha, Qatar: A swiftly evolving financial order dominated discussion yesterday at the Doha Forum 2025, where global leaders and economic strategists cautioned that capital has become a defining instrument of geopolitical influence rather than merely a market tool.
The panel entitled ‘The New Wealth of Nations: How Instrumental Capital is Reshaping Geopolitics and Global Finance’ convened influential voices, including the President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, Jared Cohen; President and CEO of the World Economic Forum, H E Børge Brende; and Secretary-General of the Digital Cooperation Organization, H E Deemah AlYahya.
Opening the conversation, panellists agreed that governments are no longer playing a passive role in markets. “How countries invest is how they compete,” said Cohen, noting that sovereign capital is increasingly being deployed with dual objectives such as economic return and strategic influence. He emphasised that investment decisions, once left largely to the private sector, are now closely tied to national security priorities, technology leadership, and global industrial strategy.
Cohen pointed to examples including US industrial subsidy programmes, China’s strategic state-backed enterprises, and the Gulf’s sovereign wealth funds, which have become some of the largest and most active global investors. World Economic Forum President Børge Brende warned that while strategic investment can strengthen national resilience, it also raises the risk of economic fragmentation.
“We are seeing instrumental capital reshape alliances, supply chains, and power dynamics,” Brende said. “The challenge is ensuring that these shifts enhance cooperation rather than deepen rivalry.” Brende underscored that global economic resilience will depend on balancing national interests with international coordination, a task that is becoming more complex as emerging technologies, energy transitions, and digital ecosystems become deeply politicised.
AlYahya stressed that digital economies, particularly in emerging markets, must not be left behind in this new financial order. She argued that sovereign investment strategies must prioritise inclusive growth, digital infrastructure, and capacity building. “Instrumental capital becomes meaningful when it accelerates shared prosperity, not just geopolitical leverage,” she said. “We need investment that enables innovation and enables nations, not divides them.” Panellists offered praise for Qatar’s growing role as a global convenor and financial actor.
They noted the country’s expanding sovereign investment footprint, commitment to long-term diversification, and positioning as a neutral hub for dialogue on the future of finance, technology, and geopolitics.
