Qatar’s bourse signals it is open for business

Abu Dhabi entity raised $552m last week by selling a 5% stake in Ooredoo

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A sizeable follow-on equity offering in Qatar, one of the Middle East's quietest markets for share sales, is stirring tentative hopes for a pickup in activity on Doha's bourse.

The Abu Dhabi Investment Authority raised $552 million last week by selling a 5 per cent stake in Ooredoo QPSC, Qatar's biggest telecom operator, through a fully-marketed secondary offering - the country's first of its kind.

The transaction shows that Qatar is "open for business" and willing to engage with international investors, said Miguel Azevedo, vice-chair of investment banking for Middle East and Africa at Citigroup Inc, one of the deal's arrangers.

"It may not trigger an immediate wave of IPOs, but it's a necessary first step, proof that it can be done," Azevedo said.

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