Dubai (Reuters) – Foreign investors will be able to hold up to 49% of Qatar stock exchange – listed shares in three subsidiaries of Qatar Petroleum (QP) after limits on foreign ownership were listed, the state owned Energy Company said on Saturday.
In a statement, QP said shareholder ownership limits in the companies would also be raised, to 1% for Qatar Electricity and Water Company (QOQOD) and to 2% for Gulf International Services Company and Mesaieed Petrochemical Holding Company.
The three firms will take the steps needed to approve the increase in the foreign ownership limit to 49% within the coming weeks, the statement said. “We believe this decision will give more strength to Qatar Stock Exchange, and will contribute to its development to be a leading regional financial center and an attractive financial destination to local and global investments.”
QP president and SEO Saad Sherida AL-Kaabi said in the statement. It did not say what the current foreign ownership limit is, but a stock market said it was 25% for most companies listed on the Gulf Arab state’s bourse.
Earlier this month, Industries Qatar increased its foreign ownership limit to 49% form 25% in line with QP directives.