Qatar has offered to buy real estate investments worth up to $4.1bn from local banks, as the government steps up efforts to support the domestic financial sector against the fallout from the credit crunch.
Though Qatar's property sector is healthier than in many other Gulf countries, the market has weakened this year, and analysts expect non-performing loans to rise, weighing on banks' earnings.
The operation aims to "support the real estate sector . . . and allow banks to continue to play their vital role" in the country's development, Sheikh Hamad bin Jassem al-Thani, Qatari prime minister said yesterday. Qatar's abundant wealth - it is the world's largest supplier of liquefied natural gas - has allowed it to actively support its banks and wider economy during the financial crisis
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