QIA Reports 87.66M Shares, 16.6% of Global Business Travel Group

Rhea-AI Filing Summary

Qatar Investment Authority (QIA) reports beneficial ownership of 87,659,000 shares of Class A common stock of Global Business Travel Group, Inc., representing 16.6% of the outstanding Class A shares. The stake is held of record by QIA Retail Holding LLC, a wholly-owned QIA subsidiary, and QIA asserts sole voting and dispositive power over these shares. The filing states no purchases or sales in the past 60 days; the change in ownership percentage reflects a change in the total shares outstanding rather than recent trades. QIA lists its principal office in Doha and certifies no relevant legal proceedings in the past five years.

Positive

• Material stake disclosed: QIA holds 87,659,000 shares, equal to 16.6% of Class A stock, a clearly disclosed, sizable ownership position
• Sole voting and dispositive power: QIA reports exclusive authority to vote and dispose of the shares, simplifying control lines of responsibility
• Transparency: Filing states the change in ownership percentage resulted from a change in total shares outstanding and confirms no transactions in the last 60 days

Negative

• None.

Insights

Financial Analyst

QIA holds a material, 16.6% stake with sole control; change in percentage stems from share count shifts.

This Schedule 13D discloses a significant minority position in GBTG, with QIA holding 87.66 million Class A shares and full voting/dispositive authority. The filing clarifies that the reported percentage change arose from a change in total shares outstanding, not recent acquisitions or dispositions, and no transactions occurred in the prior 60 days. For investors, a sovereign wealth fund owning a >15% stake is material because it can influence strategic outcomes, board composition, or corporate actions, even if no active transaction is reported here.

Corporate Governance Expert

Disclosure signals a substantial passive ownership with potential governance influence despite no recent trades.

QIA’s sole voting and dispositive control over a 16.6% block is governance-relevant: it creates the ability to vote shares unilaterally and positions QIA as a key stakeholder in proxy matters. The filer states no legal impediments and that holdings are held through a wholly-owned subsidiary. The filing contains no contracts, arrangements, or additional agreements affecting control, and it reports no transactions over the past 60 days.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Global Business Travel Group, Inc.

(Name of Issuer)

Class A Common Stock, Par Value $0.0001 Per Share

(Title of Class of Securities)

37890B100

(CUSIP Number)

Qatar Investment Authority
Ooredoo Tower (Building 14), Al Dafna St, 801 Al Dafna Zone 61
Doha, S3, 23224
0097444990696

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/09/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 37890B100

1

Name of reporting person

Qatar Investment Authority

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

QATAR

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 87,659,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 87,659,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

87,659,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, Par Value $0.0001 Per Share
(b)	Name of Issuer: Global Business Travel Group, Inc.
(c)	Address of Issuer's Principal Executive Offices: 666 THIRD AVENUE, NEW YORK, NEW YORK , 10017.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by Qatar Investment Authority (QIA or the Reporting Person), the sovereign wealth fund of the State of Qatar, with respect to shares of Class A Common Stock held of record by QIA Retail Holding LLC, a Limited Liability Company formed under the laws of Qatar, and a wholly-owned subsidiary of the Reporting Person.
(b)	The address of the principal business and principal office of the Reporting Person is Ooredoo Tower (Building 14), Al Dafna Street (Street 801), Al Dafna (Zone 61), PO Box 23224 Doha, State of Qatar.
(c)	The address of the principal business and principal office of the Reporting Person is Ooredoo Tower (Building 14), Al Dafna Street (Street 801), Al Dafna (Zone 61), PO Box 23224 Doha, State of Qatar.
(d)	During the last five years, the Reporting Person has not been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	During the last five years, the Reporting Person has not been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Qatar
Item 3.	Source and Amount of Funds or Other Consideration
	No shares were purchased or sold. The change in ownership percentage recorded in this filing is the result of a change in the total number of shares outstanding.
Item 4.	Purpose of Transaction
	No shares were purchased or sold. The change in ownership percentage recorded in this filing is the result of a change in the total number of shares outstanding.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person has sole voting and dispositive power over 87,659,000 Class A Common Stock, representing 16.6% of the outstanding Class A Common Stock
(b)	(i) Sole power to vote or direct the vote: 87,659,000 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 87,659,000 (iv) Shared power to dispose or direct the disposition: 0
(c)	The Reporting Person has not effected any transactions in Class A Common Stock during the past sixty days.
(d)	To the best knowledge of the Reporting Person, no person other than the Reporting Person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned by the Reporting Person.
(e)	Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not applicable
Item 7.	Material to be Filed as Exhibits.
	Not applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Qatar Investment Authority

Signature:	Mohammed Fahad Al Khulaifi
Name/Title:	Head of Compliance
Date:	10/02/2025

FAQ

What stake does QIA report in Global Business Travel Group (GBTG)?

QIA reports beneficial ownership of 87,659,000 Class A shares, representing 16.6% of outstanding Class A stock.

Did QIA buy or sell GBTG shares recently?

The filing states no transactions in Class A common stock during the past 60 days; the percentage change reflects a change in total shares outstanding.

Does QIA share voting or dispositive power over the shares?

No; QIA reports sole voting and sole dispositive power over the 87,659,000 shares.

Through which entity does QIA hold the shares?

Shares are held of record by QIA Retail Holding LLC, a wholly-owned subsidiary of QIA.

Are there any contracts or arrangements affecting QIA’s holdings disclosed?

The filing states Not applicable for contracts, arrangements, understandings, or relationships with respect to the issuer’s securities.