Qatari government to buy 10% of local banks
The Qatari government has approved to the Qatar Investment Authority to buy the remaining shares in local banks, amounting to 10%. This is part of an earlier agreement to purchase 20%. After the emergence of the global crisis, the Qatar Investment Authority has purchased the first tranche, which totaled 10%.
The purchase will be carried out during the first quarter of this year.
Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, Qatar's Prime Minister and Foreign Minister said that this move comes within the framework of Qatar's keenness to continue to support to local banks in order to strengthen their financial positions and support their capital.
- Deflation shocks in emerging markets and the GCC currency peg
- Crashing oil: has the time come for GCC countries to tax their citizens?
- Moody indeed: how did Moody's rate the ME's banks for 2015?
- The Middle East's Switzerland? Lebanon's banking secrecy is here to stay
- Precious retirement: why UAE expats are moving their pensions out of the UK