Qatar to float $12bn investment company next month
Shares in huge new investment company to be offered to nationals first
A new investment company containing around $3bn of assets currently held by the government's sovereign wealth fund, Qatar Holding, is set to float on the Qatar stock exchange next month.
The chairman of the exchange's board of directors, Dr. Hussain Ali Al Abdulla, announced that shares in the business, Doha Global Investment Company, were likely to be offered in May once all of the technical procedures and approvals associated with the listing are granted.
He said that the firm would have paid-up capital of $12.3bn (QR: 45bn) - half of which will be offered to investors and half of which will remain in the hands of Qatar Holding. The listing is being seen as a way for the Qatar state to offer its citizens a chance to share in the profits it has made in investments.
Shares in the IPO will only be offered to Qatari companies and citizens initially, although non-Qataris will be able to trade them after they had been listed on the exchange.
Qatar Holding owns stakes in a range of businesses including the companies that own Cnary Wharf, Heathrow Airport and the Harrods department store in London as well as in German car group Porsche and construction giant Hochtief.