Complex Made Simple

Qatar National Bank steadfast amid stock market meltdown

The QE 20 Index dived 3.51 per cent to 11,057.33 points on Tuesday, December 16, the lowest level in 11 months.

Barwa Real Estate lost 5.38 per cent to QAR36.90. On Monday, the real estate development company said   that it has been awarded a tender to build, operate, and transfer the Low Cost Warehousing for the plot number four of Manateq, a an economic zones company a shareholding company established by the minister of business and trade of the state of Qatar under decision in the year 2011. Chaired by Sheikh Ahmed Bin Jassim Al-Thani, the minister of economy and commerce, Manateq is owned by the Qatari government represented by Qatar’s authority for small and medium enterprises.

Being awarded this project, Barwa undertakes the development of these low cost warehousing solutions, within a period of 24 months, and under a lease agreement of 25 years. The total approximate cost of this project will amount to QAR 750 million ($195 million), said Barwa in a filing to the exchange in Doha.

Qatar National Bank closed even at QAR203.20.

The research at Dubai-based bank Emirates NBD expects the Qatari real economy to grow by 6.9 per cent in 2015, up from 6.6 per cent this year, the strongest advance among the six GCC countries.

Gérard Al-Fil