Qatar's stock market is set to list its first exchange-traded funds this quarter, market sources said on Tuesday, as authorities seek to develop the bourse in the face of a boycott by other Arab states. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar last June, causing the Qatari stock index to plunge more than 20 percent at one stage. But the market has since recovered much of those losses and authorities say they aim to press ahead with reforms to improve liquidity and attract more foreign money.
Qatar's second largest bank by market value, Masraf Al Rayan, is in the process of raising funds for an ETF. It aims to raise 400 million riyals ($110 million) from investors and list in Doha before the end of this quarter, an investor and an industry executive familiar with the matter said. Meanwhile, Qatari investment firm Amwal, with assets under management of 1.6 billion riyals, has raised funds for an ETF from investors and is also looking to list in Doha this quarter.
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