Qatar to Invest QR50 Billion in Industrial Companies over Three Years

Doha, February 19 (QNA) - Dr. Hussein Al Abdullah, board member of Qatar Investment Authority, said on Tuesday that Qatar will launch industrial companies with investments worth QR 50 billion over the next three years for corporates and private sector.     Al Abdullah, who was responding to question raised during a presentation he made today at Qatar Chamber of Commerce and Industry on the details concerning the establishment of Doha global investment company, said Qatar will invest more than $17 billion (QR 50 billion) until 2017 in the industrial sector (Down Stream).    "This figure does not include investments in oil and gas," he added, pointing out that investments directed to the petrochemical sector will increase Qatar's production to at least 19 million tonnes per year in 2019, up from about 12 to 13 million tonnes annually now.    He revealed that Qatar Holding's net profit grew 17.4 per cent in 2012, adding that its profit in the past three years reached an average of slightly less than 13 percent.     Al Abdullah said that Qatar Holding managed to double the profit of luxury department store Harrods, which its profit before acquisition was 54 million pounds sterling, to reach to 108 million pounds sterling, or more than 10 percent in 2012. (QNA)