Global Arab Network | Oman, Qatar to launch Doha-Muscat Investment Company with QR 300 million capital

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Oman, Qatar to launch Doha-Muscat Investment Company with QR 300 million capital

Thursday, 02 September 2010 22:24

Qatar (Doha) - The Qatar-Oman Investment Company (QSC) has expected to finalize the establishment of its subsidiary under the name of "Muscat and Doha Investment" before the end of this year with an authorized capital of QR 300 million 50% of which was paid.
The Company's Executive President Nasser Al-Mohammad Al Mansouri said at a press conference that the new company which will be based in the Sultanate of Oman, with Qatar and Oman Investment sharing in addition to the Retirement and other investment social services authorities by 30% and to rest to be put up for public offering in both the State of Qatar and the Sultanate of Oman .

He pointed out that the company is keen to invest in small and medium industries and to engage with new partners as a second step aimed at value-added and exploitation of raw materials, whether hydrocarbon or mineral, considering that this type of projects are of a nature to freeze funds for a period of not less than two or three.

He said the Company plans to name a director of investment during this month, so that the company will start its operations from its new headquarters investing in different areas in line with the objectives of its establishment, including real estate and stock and the acquisition of companies.
The company will give priority of investment for Qatar and Oman, and then the rest of the GCC states. he added .

The company, which started its actual activity in November 2007, was able to distribute profits by 5% within two years of work, despite the global financial crisis. On August 16 the Company reported an overall profit in the first half of this year amounted to QR 8,675,731 , compared to QR 14,885,252 for the same period in 2009.

The company is still seeking feasible investment opportunities away from the risk to invest in. Qatar Investment Authority owns the Company with a capital of QR 300 million, by 20%, and Qatari nationals by 30%, while the Sultanate of Oman Government by 20% and the Omani nationals by 30% .
(QNA)

Global Arab Network

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Last Updated on Thursday, 02 September 2010 22:35

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