A new sovereign wealth fund backed Qatari investment fund worth US$12 billion would undertake an initial public offering by May. This is part of the Gulf kingdom's plan to share its wealth with its citizens and institutions.
The fund is Doha Global Investment Co and would have a total capitalization of Eur9.6 billion, where 50% would be paid up capital. This was confirmed by Hussain Ali Al Abdulla, the chairman of Qatar Exchange's board of directors.
The plans for the fund was unveiled back in February and had its sovereign fund arm, Qatar Holding earmark Eur2.3 billion of assets to the firm. A similar amount is expected to be raised when the fund goes public at the Qatar Exchange.
The IPO is open only to Qatari citizens, companies and institutions in Qatar and shares can only be purchased after it has been listed in the bourse. The listing stands to be one of the largest in the Gulf region, is in line with the world's biggest exporter of liquefied natural gas to share its wealth with its people.
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