Qatar’s corporate sector is slated to see more listings in 2019, indicating the growing confidence in the country’s bourse, which is the best performer in the Gulf so far this year.
Several entities, which include family-owned firms, are making a beeline to get listed and it is learnt that two listings – one from the agriculture and another from the pharmaceuticals sectors – are expected soon.
When contacted, Qatar Stock Exchange chief executive Rashid bin Ali al-Mansoori told Gulf Times that the bourse is always ready to receive any entity.
“We are working on number of requests. We are keen to have more listings in 2019,” he said, adding there are many (in the pipeline) and it is up to them to decide on when to get listed.
Highlighting that Qatar Aluminium Manufacturing Company (Qamco) has set a benchmark; al-Mansoori said the Qatar Petroleum company became public within six months of deciding to go in that direction and it will prompt others to follow suit.
“At least one or two will be listed in the days to come but it is up to them (as to when to enter the market),” he said, adding they are in healthcare/pharmaceutical and agriculture sectors.
Fast growing domestic dairy major Baladna has already disclosed its plans to get listed and is now in the process of setting the books in order. There were reports that Qatar Pharma and Rayyan Water are also planning foray on the QSE.
The new listings are expected to give a fillip to the market in terms of liquidity as well as depth and breadth; which in turn, has a direct bearing in on the exchange traded funds’ performance, according to market experts.
The Qatar Financial Market Authority recently said a review of listing rules and governance will provide a clear framework for local and international fund management companies, to list on the QSE and encourage the development of asset management in Qatar.
Expectations regarding the public offers have heightened, given that the country’s macroeconomic profile remains intact despite the one-and-a-half-year-long economic and trade blockade.
The increased room for the private sector, and hence the need for capital requirements, is expected to prompt these entities to seek listing, sources said.
On the QSE’s stellar performance, al-Mansoori said it reflects the strong fundamentals of Qatar’s economy and the investment attractiveness of the QSE and its listed entities, which now stand at 46 with Qamco being the latest entrant.
At the end of November, Qatar’s benchmark had returned a whopping 21.6% gains on a yearly basis, while Abu Dhabi and Saudi Arabia could add only 8.45% and 6.6% respectively.
In the case of other Gulf Co-operation Council markets, Dubai witnessed a stupendous 20.81% plunge, Muscat 13.48% and Bahrain 0.22%.
Al-Mansoori: Keen to have more QSE listings in 2019.
