H.E. Sheikh Abdul Rahman bin Mohammed Bin Jabor Al-Thani announced the establishment of a Qatari shareholding company, under the name “Qatar & Oman Investment Company”.
Qatar National Bank (QNB) was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Government of Qatar (50%) and the private sector (50%)
The agreement was signed by H.E. Sheikh Abdul Rahman Bin Mohammed Bin Jabor Al Thani, president of the company’s Founding Committee, on behalf of the company, and Mr. Mohammed Ali Al Khulaifi, on behalf of QNB, in the presence of several officials from both parties.
H.E. Sheikh Abdul Rahman Bin Mohammed Bin Jabor Al Thani said: “The company seeks to invest in different types of investment in Qatar and Oman including industrial, services, commercial, tourist, agricultural, real estate and other projects to achieve the economic, commercial and social development in both Qatar and Oman.”
“The establishment of this company is in line with the direction of H.H. Sheikh Hamad bin Khalifa Al-Thani the Emir of Qatar, and his brother, H.H. Sultan Qaboos Bin Said, Sultan of Oman, in order to strengthen the cooperation and the strong sisterly ties between Qatar and Oman.” Sheikh Abdul Rahman added.
The Qatar & Oman Investment Company has been established equally between Qatar and Oman, with a capital of QR. 300 million distributed to 30 million shares with the nominal share value being set at 10 Qatari riyals per share, through the joint Qatari Omani Committee presided by H.E. Abdullah Bin Mohammed Al Attiyah, Deputy Prime Minister & Minister of Energy and Industry.
The promoters (Qatar Investment Authority and the Government of the Sultanate of Oman) have subscribed 12 million shares, fully paid including 3% being subscription and issuance fees.
The remaining shares, which are 18 million, shall be offered for public offering equally between Qatar and Oman at Qr. 10 nominal value for the share plus 3% subscription and issue fees.
The expected date for the public offering of shares is next month, keeping in mind that the Articles of Association of the company allows citizens of countries other than Qatar and Oman to subscribe in the company shares after the company is listed in the Doha Securities Market according to the effective rules and regulations in such markets. No single shareholder would be allowed to own more than 5% of the total shares by ways other than inheritance and will. However, promoters are excluded from this rule.
Mr. Al Khulaifi said: “On behalf of QNB, I would like to extend our congratulations to everyone who is behind the establishment of Qatar & Oman Investment Company. It is an honor for us to be appointed as manager and issuance agent. QNB has always been well prepared in fulfilling its tasks especially when it comes to customer service. We are pleased to take this responsibility, and we will have all our branches and offices at the disposal of subscribers, along with the new electronic IPO service, which the bank launched last April to facilitate a fast and easy subscription process for the bank’s customers.”
Appointing QNB to play dual roles of IPO manager and agent testifies to the Company’s founder’s strong belief in QNB’s capabilities to carry out this mission and affirms the bank leading role in this matter. QNB was the IPO Manager for most of the IPO’s that were listed in the DSM, since its inception in 1997 which were part of record growth in Qatar’s economy.
About Qatar National Bank (QNB)
Qatar National Bank (QNB) was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Government of Qatar (50%) and the private sector (50%).
QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 45% of banking sector assets. QNB has the largest distribution network of 38 branches and offices, in addition to 7 Islamic branches, and around 120 ATM’s.
QNB international presence is rapidly expanding with new locations in Singapore and Libya, Oman, Kuwait and Yemen, supplementing existing branches in London and Paris and a Representative Office in Iran. The London-based Ansbacher, QNB’s Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center. Ansbacher, was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.
QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled.
Through its affiliate, QNB Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market.
QNB has the highest credit rating among Qatari banks from leading rating agencies including Standard & Poor’s, Moody’s, Fitch, and Capital Intelligence. The Bank has also been the recipient of the “Best Bank in Qatar” Award from leading international specialized financial publications.
QNB has an active community support program and sponsors various social, educational, and sports events.
The Bank is the official sponsor of the four major sports in Qatar which include Football, Basketball, Handball, and Volleyball.