Qatar's emir has issued a law providing for foreign investors to own up to 49 percent of listed Qatari companies, part of reforms to expand the stock market and develop the country's financial industry, the official Qatar News Agency (QNA) said.
The law, originally announced in late May, also allows foreigners to own more than 49 percent of a company in special cases if they obtain approval from the Qatari cabinet.
In another market-opening step, citizens of the six-nation Gulf Cooperation Council will be treated as Qatari citizens for the purpose of owning companies listed on the Qatar Exchange, QNA said.
Currently, listed Qatari companies impose ceilings on foreign ownership that are usually limited to 25 percent, though some have raised their ceilings above that level.
It was not immediately clear from the QNA report whether all Qatari companies would now be obliged to raise their ownership ceilings to 49 percent, or how much time they would have to do so.
QNA said companies would need the approval of the Ministry of Economy and Commerce for increases to their foreign ownership ceilings in their articles of association. This may mean the ministry could specify ceiling lower than 49 percent in some cases.
There are multiple advertising possibilities with the ILQ network, drop us an e-mail at [email protected] for inquiries!
If you have anything you want to share with us, send us an e-mail at [email protected]!
Want to send a tip? Drop us an e-mail at [email protected], anonymity is guaranteed!
You have successfully registered your account!Please confirm your e-mail address by clicking on the URL sent to you.The e-mail usually arrives in 5-10 minutes.
Salam! Welcome to our brand new site! Looking good huh?
We’ve got loads of cool new features and to help make sure your account is secure, you’ll need to reset your password the first time you log in.
New to ILQ? What are you waiting for? Sign up!
How ajeeb was that!? Thanks for contributing to our community! Your post will appear after we take a quick look!