Middle East's Biggest Bank Jumps on Plans to Lift Foreign Limit

QNB is official sponsor of Qatar International Boat Show

QNB is official sponsor of Qatar International Boat Show  12 Mar 2018- 11:44

Most other Gulf bourses were also firm.

The move by QNB comes in the backdrop of Doha witnessing the advent of exchange traded fund, which tracks the 20-stock Qatar Index. Foreign investors now own about 7 percent of QNB, according to data compiled by Bloomberg.

Qatar National Bank is seeking to almost double its foreign ownership limit as the biggest lender in the Middle East and North Africa by assets diversifies.

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So far, Islamic Holding Group, Nakilat, Milaha, Ezdan Real Estate, Commercial Bank, Aamal Company, Qatar General Insurance and Reinsurance and Doha Bank are among those received approval from the Qatar Central Securities Depository to enhance the FOL up to 49%.

In Saudi Arabia, the index gained 0.8 percent in the first 45 minutes on the back of strong petrochemical stocks.

Meanwhile, Saudi shares rose on corporate results and foreign buying on expectations equity index compilers in the next few months will upgrade Riyadh to emerging market status.

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QNB, Qatar's largest lender, is all set to allow higher up to 49% foreign ownership limit (FOL) in its capital, a move that gives more visibility for the bank in the worldwide arena.

The emirate's biggest bank said on Sunday that it would ask shareholders to approve a capital increase through the issuance of up to 7.35 billion dirhams ($2.0 billion) of new shares; analysts think this will mean raising ENBD's 5 percent ceiling for foreign ownership.

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