Qatari fund to inject $412 mln in local banks

Qatar Investment Authority, or QIA, the country's sovereign wealth fund, will start early next month implementing procedures to acquire an additional 5% stake in the capital of local banks, Doha-based Asharq daily reports Wednesday.

QIA is expected to inject between 1.5 billion Qatari riyals ($412 million) and QAR2 billion before the end of the current year to acquire the stakes, the paper reports citing people familiar with the matter.

This will bring QIA's stake in local banks to 10% and the move is part of the government's decision last year to acquire between 10% and 20% of banks' capital to help them through the global economic slowdown, the daily says.