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Posted On: 18 December 2013 02:07 am
Updated On: 12 November 2020 02:13 pm

Qatar plans to offer shares worth QR50bn

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Qatar is planning to offer shares worth QR50bn of a number state-owned companies to Qataris over a period of 10 years, a presentation made before the Supreme Council for Economic Affairs and Investment yesterday shows. HH the Emir and Chairman of the Supreme Council for Economic Affairs and Investment, Sheikh Tamim bin Hamad al-Thani chaired the third meeting of the council for 2013 at the Al Bahr Palace yesterday. In a statement to Qatar News Agency (QNA), HE the Minister of Finance, Ali Sherif al-Emadi, also the Secretary General of the Supreme Council for Economic Affairs and Investment, said the first phase of the programme would begin by offering public subscription of Mesaieed Petrochemical Holding Company, a firm that comprises three major industrial companies namely Q-Chem 1, Q-Chem 2 and Qatar Vinyl Company (QVC). These petrochemical companies are based at the Mesaieed Industrial City. Al-Emadi said HH the Emir directed that practical measures be taken for the privatisation of Mesaieed Petrochemical Holding Company. He said the allocation of shares of the Mesaieed Petrochemical Holding Company will be confined to Qataris alone. This is being done to ensure that long-term and gainful investment opportunities are available for nationals, benefiting Qatari families and their generations, thereby raising their standard of living. The minister said a press conference will be held later to furnish more details of the proposed issue. The agenda of the meeting included proposals submitted by Qatar Central Bank on the money exchange sector. HH the Emir asked QCB to study issuance of new licences for Qataris to conduct money exchange business, al-Emadi told the QNA. He said the Supreme Council for Economic Affairs and Investment Council discussed a draft joint venture agreement on the Laffan Refinery 2 (LR2) and approved a request from Qatar Petroleum in this regard. Al-Emadi said at the outset of the meeting HH the Emir urged ministries and the various government corporations and authorities to provide further investment opportunities for the private sector. The Emir stressed the need to co-ordinate efforts and for continuous follow-up to support and encourage the private sector and remove all obstacles facing it and increase its participation in state projects. He said the council discussed topics tabled on the agenda and was also briefed on the follow-up of the council’s previous decisions and the procedures taken thereon, especially in relation to the latest developments in petrochemical industries and projects of Qatar Petroleum International. The meeting was attended by HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani, who is also Deputy Chairman of the Council.