Industries Qatar’s decision last month to increase the amount of shares foreigners can buy in it is raising speculation that more Doha-listed companies will follow the lead of the petrochemicals maker.
The company raised its foreign ownership limit in September to 12.25 per cent from 7.5 per cent, it said in a statement on Sunday, as it released its earnings results. The shares rallied strongly the following day and were the most traded on the Doha stock market.
“This will lead to more companies opening up,” says Tariq Qaqish, deputy head of asset management at Al Mal Capital in Dubai. “I’m sure this had the blessing of the government.”
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