Qatar’s Ezdan Chairman Donates Shares Valued at $3.8 Billion

Ezdan Real Estate Co. QSC’s Chairman Sheikh Thani bin Abdullah Al Thani, a member of the Qatari ruling family, donated 605 million shares in the Middle East and Africa’s largest property developer to Islamic charity.

The shares are valued at 13.98 billion riyals ($3.8 billion) at today’s close on the Qatari bourse. The donation was made as an Islamic endowment, according to an e-mailed statement today. Endowments in Islam are assets or funds dedicated for the needy and for building places of worship.

“There is no doubt that the success that Ezdan is achieving, as it expands and develops year after year, will lead to an increase in the value of the shares donated to charity to, God willing, the equivalent of about 18,000 housing units,” Al Thani said.