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Tuesday, May 20, 2025 | Daily Newspaper published by GPPC Doha, Qatar.
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Business

Michael Grifferty, President, GCMA.

Doha to ‘intensify’ development of local currency debt: GCMA

Doha may “intensify” the development of its local-currency debt market, which is currently going through an “exciting” phase in view of the robust macroeconomic fundamentals and sovereign support, according to the Gulf Capital Market Association (GCMA).The local capital market regulator (Qatar Financial Markets Authority or QFMA) is committed to the sustainable sector and has increased the clarity around the issuance and listing of debt, Michael Grifferty, President, GCMA said in the Qatar Financial Centre’s latest Islamic Finance report.The local currency market has begun to gain traction as it saw its first issuance by a publicly listed company in 2024, he highlighted.Estithmar Holding had last year issued a QR500mn sukuk, marking the first corporate issuance denominated in Qatari riyal, under its QR3.4bn programme.The three-year sukuk, maturing in September 2027, offers an 8.75% coupon and drew interest from government and non-government investors, including banks, insurers, asset managers and family offices.“There is a possibility that Qatar may intensify the development of its nascent state local-currency programme,” Grifferty said. Terming Qatar’s debt capital market as an “exciting” work in progress, he said “we have already seen an increase in the diversity of issuers and structures, many in sukuk format and increasingly for sustainable uses.”The state led in this regard by issuing a green bond in a benchmark size, and was the first regional sovereign to do so.In 2024, Qatar set a regional benchmark by issuing $2.5bn in green bonds to fund environment friendly projects, marking a new era for sustainable finance. The bonds are divided into two tranches: a $1bn tranche with a five-year maturity priced at 30 basis points spread over the US treasuries and a $1.5bn tranche with a 10-year maturity priced at 40 basis point spread over US treasuries.“Banks have added labelled ESG (environment, social and governance) bonds and sukuk to their active issuance programmes,” Grifferty said.The Qatar Central Bank (QCB) is certainly behind this trend, having published its ESG and Sustainability Strategy for the Financial Sector in 2024, he said.“This is having results, as almost 20% of the debt capital market is being issued for ESG purposes,” he said, quoting an international credit rating agency Fitch.Qatar’s domestic markets have been buoyed by a robust economy underpinned by supportive public spending and the authorities’ commitment to invest in economic transformation.“Adding in a well-capitalised banking system and regulatory developments, the case for the Qatar market has only strengthened,” he said.Regulators for their part are laying the foundation for more active debt and equity markets with further market liberalisation, including by easing listing requirements and providing greater clarity about the path to issuance of both debt and equity instruments, according to him.Rounding out the ecosystem are the recent establishment of a ventures exchange, and the completion of a groundwork for listed derivatives to allow trading of futures and options, he said, adding “we have also begun to see some activity in securities borrowing and lending (SBL).

Gulf Times

Ooredoo is ‘Connectivity Sponsor’ for Qatar Economic Forum 2025

Ooredoo has announced its role as the Connectivity Sponsor of the fifth edition of the Qatar Economic Forum, powered by Bloomberg, scheduled to take place on May 20-22.Recognised as one of the region’s leading platforms for global dialogue on economic growth and innovation, the event is set to bring together an impressive assembly of global leaders, policymakers, CEOs, and prominent visionaries.Ooredoo Qatar CEO Sheikh Ali bin Jabor al-Thani said, “Ooredoo is honoured to support the 2025 Qatar Economic Forum as the Connectivity Sponsor. This forum plays a crucial role in shaping global economic dialogue, and we are proud to contribute to a strategic platform that mirrors our vision for progress, connectivity, and digital empowerment.”Ooredoo’s sponsorship reaffirms its ongoing commitment to enabling digital transformation, driving innovation, and contributing to the goal of Qatar National Vision 2030 by advancing the transition toward a more diversified and sustainable economy.With a legacy of leadership in telecommunications and ICT, Ooredoo continues to support Qatar’s growth journey, championing progress through transformative technologies and smart connectivity solutions.

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