Qatar bourse to attract more firms

9/9/2015 10:52:08 PM

(MENAFN- The Peninsula)Qatar Exchange Chief Executive Officer Rashid Ali Al Mansoori speaking at CMUQ’s Lecture Series yesterday.

DOHA: Qatar Exchange (QE) is looking for more private companies to be enlisted on the bourse. It is also working to encourage family businesses Chief Executive Officer Rashid Ali Al Mansoori said yesterday.

Speaking at the Carnegie Mellon University Qatar’s Lecture Series yesterday Al Mansoori said the slump in oil prices are weighing heavily on stock markets across the world. The challenges in Greece and slowdown in China have its impact on the capital markets in the region. The China imbroglio has triggered a heavy selling at the regional markets he said.

The CEO who stressed on the strength of the exchange and the Qatari economy called on investors not to fall prey to rumours .

On the growth of the local economy he said that the country has a strong economy that is becoming more diversified. In the past he added the economy’s revenue stemmed mainly from oil and gas. However the situation has changed as the country is focusing on diversifying the economy and enlisting in the stock exchange is the first step to doing that.

Elaborating on the role of small and medium enterprises in the growth story of a local economy he highlighted how some foreign countries rely in 90 percent of their economy on small and medium enterprises. He noted that Qatar has a number of initiatives to boost that particular sector.

On the challenges that face the equity market globally and regionally he said that global equities suffered due to the decline in the price of oil. It has also suffered due to the challenges facing China and Greece he added.

He stressed that the impact of the slowdown in China’s growth has minimal impact on the Qatari economy noting that it was panic selling that mostly led to declines in the Qatari stock market.

Al Mansoori said that another challenge facing the stock market was regional unrest. He said it was something that discouraged the foreign investor from taking part in the Qatari stock market.Foreign investors play a key role in the performance of regional markets.

Later talking to the media he said the future of Qatari capital market is promising. At least two banks are working with the regulator to launch new products in the two and the bourse is currently working to launch several new products on the local bourse. The QE is well prepared to launch the new products.

Al Mansouri also urged the students to pursue entrepreneurship as a career: “Think of how you can contribute. Make a plan start your own business and be your own boss.”

The lecture was part of the CMU-Q Dean’s Lecture Series a forum that hosts prominent industry leaders and government officials to share their expertise on topical issues. More than 200 guests including students faculty community and business leaders attended the event.

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