DOHA: The Ezdan Holding Group yesterday announced its extraordinary general assembly approved to raise the percentage of non-Qataris ownership up to 49 percent of the Group’s capital. The meeting, chaired by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman, delegated the board of directors to complete all the necessary procedures in this regard.
Commenting on the Assembly Resolution, Sheikh Dr Khalid said: “The approval to raise the percentage of non-Qataris ownership in the Group’s capital, in accordance with the directives of the Emir H H Sheikh Tamim bin Hamad Al Thani to increase foreign ownership of shares of the companies listed on the QE. This is a welcome move that could bolster investment in the domestic market and contribute in the national economy.”
Sheikh Dr Khalid recalled that the Emir had pointed out in his speech in the Shura Council to raise the ownership ratio of non-Qataris for shares listed on the Qatar Exchange (QE) companies, and that Gulf Co-operation Council (GCC) citizens will be treated like Qatari nationals in owning shares of companies listed on the QE. Such initiatives are aimed to encourage foreign investment.
Ezdan Holding Group CEO Ali Al Obaidli stressed that such an increase in the non-Qataris limit for shares of the Group enhances the position of the Group in the Qatari market. The decision, in general, is a big step forward, which will have a positive impact on the QE and the business sector in Qatar in general.
Raising the ownership proportion of non-Qataris from 25 percent to 49 percent is in line with the Qatar National Vision 2030. It would boost the financial market and contribute in attracting investment, especially after Qatari market has been accorded recently the emerging market status. The fact that could help bring in more foreign investment, supporting the development of the country and providing economic opportunities to new institutions.
Ezdan Holding Group has plans to launch a number of major real estate projects in Qatar over the next year, led by Ezdan Mall Al Wakra, where population grows increasingly. The Mall, which is being implemented according to scheduled plans, is spread on an area of more than 756,000 sqm. Ezdan Mall Al Wakra is regarded as one of the most prominent models of architectural and urban development of malls business in Qatar.
Ezdan Holding Group projects feature enormous diversity, including investment in the hospitality sector. The Group is one of the main poles that contribute effectively to the revitalisation of the important sector as Ezdan Towers contribute significantly to host conferences, sports tournaments and businessmen through an array of large-scale services and the tremendous accommodation capacity the towers enjoy.
Ezdan Holding Group owns more than 18,300 diverse real estate units, in Doha and other vital locations such as Al wakrah, which are run by Ezdan Real Estate Company. In this regard, Ezdan accommodates up to more than 80 thousand people, including Qatari nationals, which is considered as the largest share in the real estate sector in Qatar, which is a confirmation of the leading importance of Ezdan Holding Group.
The Peninsula
