HH the Emir’s directive to QSE-listed companies to enhance the foreign ownership limit “is a welcome move that could bolster investment in the domestic market and contribute to the national economy,” Ezdan Holding chairman Sheikh Khalid bin Thani bin Abdulla al-Thani said
Ezdan Holding, which plans to launch several major real estate projects over the next year, will soon allow up to 49% foreign ownership, a move that will have a “positive impact” on the local bourse and the business sector in Qatar in general.
At the extraordinary general assembly, shareholders yesterday approved the board’s proposal to hike the non-Qatari ownership limit to 49% from the present 25%.
The company’s initiative follows HH the Emir Sheikh Tamim bin Hamad al-Thani’s directive to the listed companies to enhance the foreign ownership limit with a view to improving the liquidity in the market as well as attracting higher foreign investments.
“It (the directive of HH the Emir) is a welcome move that could bolster investment in the domestic market and contribute to the national economy,” Ezdan Holding chairman Sheikh Khalid bin Thani bin Abdulla al-Thani told the shareholders.
Ezdan Holding Group CEO Ali al-Obaidly said an increase in non-Qatari ownership limit would enhance the group’s standing in the market in line with the Qatar National Vision 2030.
“It could bring in more foreign investments, supporting the development of the country and providing economic opportunities to new institutions,” he said.
Sprucing up its diversification efforts, Ezdan Holding has in this year acquired more than 20% stake in Qatari Investors Group, purchased up to 20.16 % stake in Widam Food (formerly Mawashi) and more than 20% in Islamic Holding Group, a Shariah-principled Qatar Exchange-listed stock brokerage.
In 2015, Ezdan Holding plans to launch several major realty projects such as Ezdan Mall Al Wakra, the first of its kind in the area where the population has been growing exponentially.
The group is also constructing Ezdan Hotel Al Shamal. It is part of the QR1.5bn complex, being built on Al Shamal Road behind Landmark Mall, spread over around 115,000 sq m. The sprawling complex includes 129 luxury villas, 256 apartments and a 220-room four-star hotel - the first of its kind on North Road.
The QR4.5bn residential project comprising 11,000 residential units in Al Wakrah and being built in partnership with SAK Holding Group, will be completed by 2017.
Ezdan Holding owns more than 18,000 diverse real estate units in Doha and other vital locations like Al Wakrah, which are run by its real estate arm.
Highlighting that its core strategy has been to achieve diversity across its operations, al-Obaidly had earlier said the objective is to “dissociate” from the real estate sector to reinforce the group’s investment portfolio in other sectors in a “balanced manner” without getting exposed to concentration risks.
GECF 16th Ministerial Meeting in Doha today
The 16th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) will be held at the forum’s headquarters at the Tornado Tower in Doha today.
During the ordinary meeting, member countries will examine the evolution of international gas markets, the reports of activities of the executive council and the forum secretariat as well as “other matters” relating to the forum and the industry as a whole. Established in 2001, Doha-headquartered GECF brings together major gas exporting countries: Qatar, Algeria, Russia, Iran, Equatorial Guinea, Nigeria, Trinidad & Tobago, Libya, Egypt, Bolivia, Venezuela and Oman.
The observer countries are Norway, the Netherlands and Kazakhstan.
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