Qatar's wealth fund to buy capital of listed banks

RIYAL DEAL: Qatar's sovereign wealth fund is poised to buy up to 20 percent of capital of banks listed in Doha. (Getty Images)

Qatar Investment Authority, the Gulf Arab state's sovereign wealth fund, will buy 10-20 percent of the capital of banks listed on the Doha bourse to boost confidence in the market.

Shares would be bought at Sunday's closing price, the official QNA news agency said on Monday.

The decision came at a meeting between Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani, listed banks and the vice governor of the central bank, at which he promised to support growth.

Qatari banks were healthy but the share purchases were aimed at providing wider funds for future projects, the news agency said.

Qatar's biggest banks include QNB, Qatar Islamic Bank, Qatar Commercial Bank, and Doha Bank. (Reuters)

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