Arab Today, arab today qatar\s iq sells 34 held in local property firm
Last Updated : GMT 22:01:08
Arab Today, arab today
Arab Today, arab today

Qatar\'s IQ sells 34% held in local property firm

Arab Today, arab today

Arab Today, arab today Qatar\'s IQ sells 34% held in local property firm

Doha - Arabstoday

Industries Qatar (IQ) sold its stake in a local real estate firm for $44m, the Gulf Arab region\'s second-largest chemical producer by market value said on Thursday, as the property sector faces low demand and growing supply. IQ had held a 34-percent stake in Fereej Real Estate Company, which was set up in 2008 in a joint venture with a Gulf International Services unit and Qatar Real Estate Co. (Alaqaria). The latter had 33-percent stakes each. \"In view of the development in the real estate segment, the company has decided to proceed with the liquidation,\" IQ said in a filing to the Qatar stock exchange. Gulf International\'s Al-Koot Insurance and Reinsurance unit said in a separate filing on Thursday that it too had liquidated its position in Fereej. Shares of IQ and Gulf International were down 0.8 percent and 0.43 percent respectively on the Qatar bourse. The announcement comes a day after Union Development Company (UDC), the developer behind Qatar\'s man-made Pearl island project, said it is in talks to issue 80 million new shares to a state pension fund, sending its stock tumbling 8.1 percent on Thursday. The small Gulf Arab state, the world\'s largest exporter of liquefied natural gas (LNG), is facing an oversupply of commercial and residential property with more units expected to enter the market soon. \"It\'s the same pattern that we have seen in Dubai, where there was a huge supply-demand gap and eventually prices started falling,\" said Mostafa El-Maghraby, senior financial analyst at Kuwait-based Global Investment House. \"Qatar is now seeing signs of stabilisation. But some companies have got into so much that they can\'t get out of it.\" The analyst said oversupply in Qatar is not as exaggerated as that seen in Dubai, which suffered a crippling property bust, nor at levels currently being witnessed in Abu Dhabi. In July, Qatar sovereign fund\'s property investment arm, Qatari Diar, was reported to have cut 30 staff members and was looking to overhaul its strategic goals.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qatar\s iq sells 34 held in local property firm Arab Today, arab today qatar\s iq sells 34 held in local property firm

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qatar\s iq sells 34 held in local property firm Arab Today, arab today qatar\s iq sells 34 held in local property firm

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday