Qatar’s $12 Billion Doha Global Investment Delays Share Sale

Doha Global Investment, the $12 billion fund controlled by Qatar Holding LLC, will delay its initial public offering as it awaits regulatory approvals.

The new IPO date after “fulfilling all requirements” will be announced in the local news media, Hussein Al Abdulla, vice chairman of Qatar Holding, said in a statement distributed by the Qatar Exchange without giving a time frame. Al Abdulla told state-run Qatar News Agency April 6 the share sale would happen in May.

The delay “would probably help ease some of the IPO-driven liquidations on the retail side,” Bobby Sarkar, head of research at Qatar National Bank Financial Services, said in a phone interview from the capital Doha. The benchmark QE Index has gained 5.8 percent this year, compared with an advance of 35 percent for Dubai’s DFM General Index. The QE Index closed unchanged today.

Qatar, home to the world’s third-largest gas reserves, set up Doha Global Investment in February to help buy assets overseas. Four companies owned by state-run Qatar Petroleum plan to sell shares to the public in the coming years as the country seeks to build its $136 billion stock exchange, Al Abdulla said last week.

Qatar Holding, a unit of the Persian Gulf emirate’s sovereign-wealth fund, plans to sell 50 percent Doha Global Investment to Qatari citizens, companies and institutions. The fund was to receive $3 billion from Qatar Holding and raise another $3 billion through the IPO.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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