DOHA: Qatar plans to partly privatise more state-owned energy entities and offer nominally-priced shares to its nationals to help them build wealth over the long-term.
The privatisation process is to be unveiled in phases over 10 years and the shares to be offered to the Qatari public are estimated to be collectively worth QR50bn ($13.73bn).
The first phase of the programme is to be kicked off with Mesaieed Petrochemical Holding Company, which owns three major industrial entities: Q-Chem, Q-Chem 2 and Qatar Vinyl.
A presentation on the latest developments in long-term disinvestment plan related to some state-owned companies (Qatar Petroleum) was made yesterday at a meeting of the Supreme Council for Economic Affairs and Investment.
The meet was presided over by the Emir H H Sheikh Tamim bin Hamad Al Thani, who is Chairman of the Supreme Council, Qatar News Agency reported.
The Emir directed that practical measures be taken to privatise Mesaieed Petrochemical Holding Company, the Minister of Finance and Secretary-General of the Council, H E Ali Sherif Al Emadi, said.
The planned allocation (of shares) will be restricted only to Qataris as investment opportunities for Qatari families and also for the generations to come for their well-being and to help raise their standard of living.
Also discussed at the meet was a proposal submitted by banking regulator, the Qatar Central Bank (QCB), on the money exchange sector, the Minister said.
The Emir has asked QCB to consider issuing new licences to Qataris to conduct money exchange businesses.
According to Al Emadi, the Emir, at the outset of the meeting, asked state entities, including ministries and corporations, to provide further investment opportunities to the private sector.
“There is the need to coordinate efforts and continuously follow up on measures to support and encourage the private sector and remove all obstacles in its way and increase its participation in state projects,” the Emir said.
The meeting was attended by the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, who is also Deputy Chairman of the Council. The Peninsula
