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Qatar market reaches year-to-date break even

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PostPosted: Sun Feb 26, 2012 7:07 pm    Post subject: Qatar market reaches year-to-date break even Reply with quote

Following a sluggish start into 2012, the QE 20 Index constantly advanced in recent weeks and gained today half a percent to reach 8,776.82 points, the level of December 31st 2011. Most listed banks posted minor advances, with the exception of the country's second lender Commercial Bank of Qatar (CBQ, off 0.60%). Real estate firm United Development Company or UDC gained 1.20%. UDC is the developer of the man-made island The Pearl Qatar, a central tourist hotspot in the Gulf state. According to the DIFC econmic weekly commentary, "Qatar's tourism sector benefited significantly from the Arab turmoil - the Qatar Tourism Authority announced a 50% year-on-year increase in tourists from the GCC and a 12% jump in international visitors (of which 58.5% were Asian) in 2011." In addition to that, UDC announced that it has received "a new letter from QNB, representative of the strategic shareholder, in which he indicates that the said shareholder still wants to join the company as a strategic shareholder by way of increasing the capital." UDC added in the e-mailed statement: "This issue will be presented to the extraordinary general meeting."

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