Global Arab Network | Qatar: QE Exchange, QCCI Chamber of Commerce launch series of initiatives

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Qatar: QE Exchange, QCCI Chamber of Commerce launch series of initiatives

Global Arab Network - - Mohammed Almasri

Monday, 29 November 2010 15:10

Qatar_Submits_Bid_to_Host_World_Chambers_Congress

Qatar (Doha) - Qatar Exchange (QE) and Qatar Chamber of Commerce and Industry (QCCI) held Monday a joint signing ceremony to formalize the launch of a series of initiatives envisaged by their memorandum of understanding (MOU).

The Chairman of QCCI Sheikh Khalifa bin Jassem bin Mohammed Al Thani signed the undertaking on behalf of QCCI while QE CEO Andre Went signed on behalf of QE. The MoU lays out the framework of a cooperative relationship between QCCI and QE where both parties will work together to raise awareness of listed products and their markets and in particular the importance of an initial public offering (IPO) as a valid financing route for Qatari companies.

HE Sheikh Khalifa bin Jassem bin Mohammed Al Thani said: "As QCCI approaches its commemorative 40th year we continue to look for new ways to help Qatar’s companies and its economy grow. We expect that this MOU will lead to a close working relationship with QE and we look forward to developing together a series of initiatives to benefit our membership."
"We believe we are natural partners with a common vision which means we will be able to further enhance the commercial activities of Qatar’s private businesses. Our membership covers the bulk of Qatar’s private sector and we hope that over the coming years an increasing number of companies will look at QE as a viable financing alternative," he added.

HE the QCCI Chairman said that Qatar’s economy is an undoubted success story with GDP growth of approximately 18% this year and perhaps nearing 20% next year. This puts Qatar at the forefront of investors’ minds not just as an example within the GCC but across the globe.

He noted that QCCI’s member companies are an important part of this exciting growth story and we hope that their growing understanding of the public markets, fostered by the relationship represented by this MOU, will see them take advantage of the funding opportunities provided by being listed. In doing so we expect them to continue to contribute to the ongoing growth of Qatar and the building of its reputation internationally for producing world class companies who are leaders in their industries.

For his part, Mr. Andre Went said: "We are delighted to have signed this MOU with QCCI. QCCI’s aim of developing the commercial and industrial activities of their companies for the benefit of the Qatar economy and their membership in particular is closely aligned with our own vision."
"Since its formation, QE has been an important part of the financial landscape in Qatar and we believe that the close relationship we will develop with QCCI through this MOU will further enhance our position as a key part of the Qatar economy and see this as entirely consistent with the goals envisaged by the Qatar National Vision 2030," he added.

"QE is committed to developing all aspects of our business and having recently worked with our listed companies to raise their profile with international investors on a London roadshow this MOU will build on that and allow us to work with those un-listed companies we hope will represent the next wave. We look forward to a long and fruitful relationship with QCCI," Andre Went noted.

Meanwhile, Abdul Aziz Al-Emadi, Director of the Listing Department, emphasized the rationale for both parties to work together for the benefit of Qatar and its companies: "Whilst the objectives for Qatari companies in seeking a listing will vary greatly from company to company we firmly believe that using the public markets and conducting an IPO can be an exciting opportunity and should at least be a consideration for ambitious growing companies. Whether founding shareholders are seeking to diversify their shareholder base, to raise the company’s profile domestically or internationally or achieve a valuation and liquidity for their stock an IPO can be a highly beneficial corporate strategy. Our aim in working more closely with QCCI is to ensure that as many of Qatar’s companies as possible are aware of their financing alternatives and this includes an IPO." He added,

"QE has 43 companies listed on our market as of today but we have ambitious growth targets in this area. We are aware from our discussions around the world that the domestic and international investor base is keen to tap into the growth opportunities represented by Qatar’s economy and one way of doing this is to increase the number and type of companies listed on our market. The visibility and education programme we intend to run with QCCI will be an important part of our strategy." QCCI and QE will hold their first joint event on 7th December, 2010.

The half day seminar, entitled "Listing on Qatar Exchange?" is targeted at private companies who may be considering a listing as part of a medium and long term strategy. The seminar will be followed by further events, supported by industry experts, on the more detailed processes and procedures involved in going public. Established in 1995, the Doha Securities Market (DSM) officially commenced operations in May 1997.
Since then the exchange has grown to become one of the leading stock markets in the GCC region. Following a strategic partnership agreement between Qatar Holding and NYSE Euronext in June 2009, the DSM was renamed the Qatar Exchange (QE). QE currently has 43 listed companies and its market capitalization is around QR433 billion (US$120 billion).

The primary aim of QE is to support Qatar’s economy by giving investors a platform through which they can trade fairly and efficiently. QE also provides the public with access to market information, ensures correct disclosure of information, and enforces securities regulations. (QNA)

Global Arab Network

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