Qatar Financial Market Update

Al Mana sells $163m bond
Qatar-based Al Mana Group has sold $163.4m of United Arab Emirates dirham-denominated Islamic bonds, reported Reuters. The bond is intended to help finance real estate projects in its home country. The 5-year floating-rate mudaraba sukuk, were priced at 250 basis points. Al Mana's businesses involve car dealerships to construction. The bonds will be listed on the Dubai International Financial Exchange.
Qatar: Monday, May 12 - 2008 at 09:24

Qatar suspends 400 companies
The Qatari Ministry of Labour and Social Affairs has revealed that 400 companies had their operations suspended over a two month period. The companies had employed workers without permission and delayed the provision of salaries and housing loans to their employees.
Qatar: Tuesday, May 06 - 2008 at 09:43

GCC single currency dollar pegged
Qatar has said that the planned GCC single currency from 2010 will be dollar pegged. According to Bloomberg, the region's central banks are meeting to discuss harmonising financial regulations, bank payment systems and how to meet the 2010 deadline, but not the much criticised dollar peg. The dollar has slide 20% in value over the last two years and there has been mounting pressure from economists and businesses for a one-off revaluation.
Qatar: Sunday, April 06 - 2008 at 08:07

Qatar economy to hit $100bn by 2013
The size of the Qatari economy is projected to hit the $100bn mark by 2013, reported the Peninsula, citing an economic review of the country for 2007 by the Qatar Financial Centre. The report said the country has launched an impressive domestic investment programme aimed at developing its non-hydrocarbon sectors, such as manufacturing, trade, transport, financial services and tourism. An estimated $142bn worth of projects are planned over the next six years to continue this diversification strategy.
Qatar: Thursday, April 03 - 2008 at 11:34

Qatar predicts $2bn budget surplus
Qatar's finance ministry said it expects the country's budget surplus to rise 10% to 7.4 billion riyals ($2bn) in the year beginning April 1, based on an assumed oil price of $55 per barrel, reported Bloomberg, citing the official Qatar News Agency. Revenue will rise 43% to 103.3 billion riyals, while spending will increase 46% to 95.9 billion riyals.
Qatar: Tuesday, April 01 - 2008 at 07:22

Qatar GDP up 12%
Qatar's nominal gross domestic product grew 12% last year to QR232bn ($64bn). According to the Qatar News Agency the GDP could well outperform 2007 this year, rising 15% to QR268bn.
Qatar: Thursday, March 27 - 2008 at 11:10

Qatar cuts deposit rate
Qatar has become the latest Gulf country to lower interest rates, reducing its deposit facility rate by 75 basis points on Sunday, reported Reuters. Like Saudi Arabia and Bahrain, Qatar lowered its deposit rate to 2.25% but left its lending rate unchanged. The UAE also lowered interest rates by 75 basis points on Thursday after the US Federal Reserve dropped its benchmark by three-quarters of a percentage point as part of US efforts to stem a slide into recession.
Qatar: Sunday, March 23 - 2008 at 13:13

GIS raises QR8.9bn in IPO
Gulf International Services (GIS) has successfully raised QR8.9bn from about 166,000 Qatari investors who subscribed to its initial public offering (IPO). GIS is a newly established holding company comprising of Al Koot Insurance and Reinsurance Company, Gulf Drilling International Limited and Gulf Helicopter Company.
Qatar: Saturday, March 22 - 2008 at 16:45

No change to dollar peg, says Qatar
The central bank of Qatar said on Wednesday that it will keep its riyal pegged to the dollar for the time being, reported Reuters. Speaking at a news conference after a Gulf Arab meeting with the European Central Bank, Qatar's central bank governor Sheikh Abdullah bin Saud Al-Thani said 'we are still pegging the riyal against the dollar and we will continue at the moment'.
Qatar: Thursday, March 13 - 2008 at 10:55

Qatar denies currency-revaluation meeting
A Qatar official has denied a report that Gulf-region central bank representatives will consider currency revaluation when they meet next week, reported Bloomberg. The official, who declined to be identified, said the meeting is a regular, scheduled event to discuss technical aspects of monetary union.
Qatar: Wednesday, March 12 - 2008 at 14:10