Qatar Financial Market Update
Qatar bond issue given AA rating
Standard & Poor's Ratings Services has assigned its 'AA-' senior unsecured debt rating to Qatar's (AA-/Stable/A-1+) $7bn global bond issue. 'The ratings on Qatar are supported primarily by the country's solid fiscal and external balance sheets, its prosperous economy and strong growth prospects, and its prudent long-term policies,' the rating agency said.
New Qatar income tax 'for corporations only'
A Qatari government official has said that the country's new income tax law would apply to revenues of corporations and not that of individuals, Reuters has reported. The new tax will take effect as of January 1, 2010 - but there have been no specifics on the type of income to be taxed.
Qatar to issue dollar-denominated bonds
Qatar plans to launch a sale of dollar-denominated bonds in overseas markets today, Bloomberg has report, citing a person familiar with the transaction. The proceeds will be used to provide 'contingency funding' for state-owned firms, pay for infrastructure projects, and invest in the international oil and gas industry. Qatar may sell five-year bonds to yield about 1.9% points above US Treasuries, 10-year bonds to yield about 1.95% points more than US Treasuries and 30- year bonds to yield a spread of about 2.15% points, the person said, who declined to be identified because terms aren't set.
Qatar raises need to discuss dollar peg
The economic adviser to the Emir HH Sheikh Hamad bin Khalifa Al Thani Gulf, Dr. Ibrahim Al Ibrahim has said that GCC oil producers should be more willing to discuss the viability of linking their currencies to the weakening US dollar, Reuters has reported. Ibrahim was quoted, saying "I think they should be more prepared to talk about their currency pricing because what we are having now is the dollar sliding and it is having an impact on the price of currencies linked to it."
Qatar plans second sovereign bond issue
Qatar plans to issue a second sovereign bond as it seeks to raise more funds amid optimism about its fast-growing economy, Financial Times has reported. The bond issue could target as much as $5bn, depending on demand, with initial soundings of interest proving 'very positive' before a roadshow over the next week or so, bankers said. Qatar National Bank, Barclays, Credit Suisse, Goldman Sachs and JPMorgan have been appointed by the country's ministry of finance to run the issue.
Qatar to lower foreign tax rate
Qatar's finance minister has announced a new tax law that will lower the tax rate on foreign companies to a flat 10% starting next year, Bloomberg has reported. Foreign-owned firms operating in Qatar are currently taxed at a progressive rate ranging from 10% to 35%. Qatar expects its economy to grow by 16% in 2010.
Qatar to drop corporate tax rate to 10%
Qatar has announced plans to lower the tax rate on foreign companies to a flat 10% starting next year, the counry's finance minister said. 'There is a new tax law and once promulgated it will lower the rate to 10%,' Youssef Hussain Kamal said in Doha today. Qatar currently taxes profits at foreign-owned companies at a progressive rate ranging from 10 to 35%, according to Bloomberg.
Qatar Holding becomes Songbird top shareholder
The investment arm of Qatar Investment Authority, Qatar Holding has announced that it has become the largest shareholder in Songbird Estates with total investment exceeding £350m, Reuters has reported. The firm had taken up its right to 24% of ordinary shares issued, in addition to its subscription to preference shares and participation in a £135m credit facility that it will provide together with other key Songbird shareholders including CIC and Morgan Stanley Real Estate Funds. Songbird is the principal owner of London's Canary Wharf business hub.
Qatar continues upward run
The Qatari exchange DSM continued its upward trend, ending the day on 7,516.77 (up 0.43%). Twenty-seven stocks rose, eight fell and four remained unchanged. Vodafone Qatar was the most traded stock, ending the day up by 5.29% at QR10. Doha Bank was the day's biggest loser, falling by 1.36% to QR50.90.
Trading volumes surge at Qatar Exchange
The Doha-based Qatar Exchange (QE) closed 0.95% higher at 7,484.75 points with QR492.06bn value traded. All industry sectors advanced. Vodafone Qatar, after trading in a lacklustre way for over a week, soared 7.39% higher, closing at QR9.65. Qatar General Insurance and Reinsurance dipped 4.96% lower, finishing at QR54.00. The firm and Ezdan Real Estate Company announced that they will sign a Memorandum of Understanding (MoU) with Al Sarri Trading Company on the Development of Real Estate Project Al Dafna. The DSM20 Index lost insignificantly (down 3.5 points) during the week.
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