PM urges private firms to list on QE

SATYENDRA PATHAK

DOHA THE Prime Minister and Minister of Foreign Affairs HE Sheikh Hamad bin Jassim bin Jabor al Thani on Wednesday called upon local private companies and familyowned businesses to get listed on the Qatar Exchange (QE).

Delivering the keynote speech at the forum Listing of Private Companies: Supporting Qatar’s National Vision, the PM said, “Private companies have a greater role to play in realising the dream of Qatar National Vision 2030. By listing on the QE, they will be able to contribute to the overall economy of Qatar in a big way.” “Success examples of private companies that were transformed into public shareholdings listed on the QE should encourage businessmen to share views on how best to develop their business,” the prime minister said.

“The relationship between the state and the private sector from the perspective of Qatar Vision 2030 and the 2011-2016 national development strategy aims at reaching sustainable development and building a diversified economy,” he said.

“Family-owned businesses become unsustainable after secondthird generations. If they go public it becomes sustainable for the longterm.

Going public means your company can choose to decrease your reliance on shareholder funds, borrowings and cash from operations.

Raising capital through a share offering can reduce the risk of founding shareholders in growing the business by giving access to a wider investor base and in doing so supporting growth, investing in assets and expanding research and development,” the PM said.

“The Qatari economy is headed in the right direction. However, the role of the private sector as being one of the pillars of diversifying the sources of income failed to reach the cherished level and efforts are still needed,” he said.

“Qatar has allocated grand budget to spend on infrastructure projects, education, youth welfare and health and the value of such projects are expected to amount $200 billion during the coming decade.

These projects will create ample opportunities for private companies,” the prime minister added.

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