Doha Global Investment Company's Capital Will Be $12 Billion

Doha, February 19 (QNA) - The Capital of the " Doha global investment company" which the Supreme Council of Economic Affairs and Investment decided to set up in its meeting on 10 February, will be $12 billion, 50 percent of that is paid up, said the board member of Qatar Investment Authority (QIA) Dr. Hussain Al-Abdullah. In the presentation he made before Qatari businessmen at the Qatar Chamber of Commerce and Industry, Dr. Al-Abdullah expected that the remaining 50percent will be paid up from the company's profit. He added that Qatar Holding, a QIA company, will contribute $3 billion of the paid up capital, whereas individuals and small investors will pay $500 million and the rest ($2.5 billion) will be allocated for corporates and businessmen with a minimum limit of USD 25 million. Dr. Al-Abdullah stressed that the Doha global investment company will invest in all types of assets such as stocks, real estate and direct investments and will target various sectors in all countries of the world. He added that the capital increase would be phased that initially the company will not need the full amount (12 billion dollars) explaining that the capital increase will come from investors and the profits achieved. Dr. Al-Abdullah stressed that the new company will be fully independent from Qatar Holding and that its Board of Directors will be composed of 9 members 5 of them will represent the corporates and the private sector while Qatar Holding will represented by 4, including Chairman of the Board of Directors. For his part, Deputy Chairman of the Chamber of Commerce and Industry Mohamed bin Ahmed bin Tawar Al Kuwari, said Qatari businessmen's contribution in the new company emphasizes the partnership between the government and the private sector in overseas investments. He considered the public offering of its shares to be a great support for the private sector that it will encourage businessmen to go for international investments under the government umbrella which provides protection and security. (QNA)