RIYADH: Qatar is set to attract foreign asset managers as its sovereign wealth fund dedicates up to 1 billion Qatari riyals ($275 million) toward a market-making program.
The program will promote price discovery and diversify the country’s capital markets, reported the Qatar Investment Authority on Tuesday.
In turn, this move will enable the market to pull in more foreign asset managers to invest in the country’s local shares.
Additionally, it will boost liquidity on the Qatar Stock Exchange, noted the $445 billion sovereign wealth fund.
Set to operate over the next five years, the market-making program will cover 90 percent of the size of the market capitalization listed on the local bourse.
Saudi-Qatari trade ties
Qatari Minister of Commerce and Industry Mohammed Al-Thani met with Saudi Investment Minister Khalid Al-Falih on Tuesday.
In the meeting, Al-Thani highlighted how its economic policies effectively encouraged investors and businessmen to invest in the country.
Al-Falih flew to Doha to participate in the three-day Qatar Economic Forum.
In January, Qatar’s sovereign wealth fund increased its stake in Credit Suisse to just under 7 percent, becoming the Swiss bank’s second-largest shareholder after Saudi National Bank, indicating that its Gulf investor base is growing in importance.
Cleantech leadership
The country is also set to drive the growth of the clean technology industry in the Middle East and Africa as its favorable policies and advanced technological infrastructure present investment opportunities worth $75 billion, revealed an industry report earlier this month.
Qatar’s Investment Promotion Agency stated that the country’s sustainability initiatives, abundant natural resources, and an early-mover advantage in green hydrogen production made the gas-rich nation an emerging leader in the cleantech industry.
“With its abundant solar energy resources, Qatar is well positioned to take advantage of hydrogen production, which is essential to decarbonize hard-to-abate sectors,” the report said.
The report pointed out that the support of government policies in Qatar and the Middle East and North Africa region has a vital role in the growth of the cleantech sector.
Qatar hopes to attract foreign asset managers through its new market-making program
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Qatar hopes to attract foreign asset managers through its new market-making program
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
