Qatari stocks surge on FDI promise

Qatari stocks enjoyed their biggest surge in a year yesterday, with the QE Index gaining 2.8% after the cabinet in Doha approved a draft law that will allow overseas investors to own up to 100% of listed companies.The move could give qualifying companies greater representation on global benchmarking indices and trigger inflows of about $1.5bn, according to investment bank EFG-Hermes.
The Qatar Islamic Bank SAQ, Masraf Al Rayan QSC and the Commercial Bank of Qatar were among three of the Qatari stocks most likely to benefit, EFG-Hermes said, as shares in the three companies climbed 8.3%, 5.5% and 10% respectively. The initiative is in line with similar attempts by other Gulf states to attract inward investment. In 2019, the UAE said it would allow foreigners to own 100% of businesses and Saudi Arabia has also removed a cap on ownership of publicly-traded companies for strategic foreign investors.

Source: aljazeera