Qatari government completes purchase of industrial bank
The Qatari government has recently completed the purchase of all private sector share holdings in the Qatar Industrial Development Bank (QIDB), reported Al-Sharq daily.
Until this latest move, the Qatari government held a 50 percent share in the bank, while the rest was were held by the country’s major banks and financial institutions, including the Qatar National Bank, which had a 20 percent stake, the Qatar Insurance Co., Qatar National Navigation & Transport Co.
The government acquisition was conducted with the overwhelming approval of the bank’s general assembly, which felt, according to reports, that the initiative would improve the bank’s financial status.
The QIDB is a Qatari limited shareholding company, with an authorized capital of 200 million Qatar riyals ($ 54.9 million). The main objective of the Bank was defined in an Emiri Decree in 1997, to contribute to the development and diversification of the industrial investments in the State of Qatar.
QIDB finances small and medium sized industrial projects and provides technical assistance and advice to industrialists for the implementation of their projects. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)