Qatari government to buy 10% of local banks

Qatar

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.