He added: "I've been thoroughly impressed by the new investors and their fresh, aggressive and innovative approach to all sporting matters, as well as the marketing and commercial aspect of this football club.
"QPR is a fantastic club, with a successful history and I'm going to relish the challenge that lies ahead."
Dowie, who has had spells as manager of Charlton, Crystal Palace, Oldham and Coventry has moved to potentially one of the richest clubs in England.
Lakshmi Mittal, the wealthiest person in Britain, has a stake in the west London club, along with Formula One head Bernie Ecclestone and Renault team managing director Flavio Briatore.
Italian Briatore has already stated his intention to turn QPR into a world wide brand.
Last month he told BBC London 94.9: "I want to create an international brand and I believe we have the possibility.
"QPR is a very nice story, you start from the bottom and reorganise the club. It's much more sexy to take a Championship club up [to the top]."
Already QPR have signed goalkeeper Radek Cerny and Newcastle defender Peter Ramage in the close season and it is likely the club will bring in more players over the coming months.
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