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Qatar to buy bank real estate portfolios

Sheikh Hamad bin Jassem bin Jabr al-Thani

Sheikh Hamad bin Jassem bin Jabr al-Thani

DOHA (AFP) — Qatar's government announced on Thursday it is to purchase 4.1 billion dollars of bank porfolios in the booming real estate sector in the gas-rich Gulf state by the end of June.

"The Qatari government has decided to buy the real estate portfolios and investments that Qatari banks want to sell," said the prime minister, Sheikh Hamad bin Jassem al-Thani.

In a statement carried by state news agency QNA, he said the value would total 15 billion riyals (4.1 billion dollars). The central bank governor would be in charge of the operation, with a target date of end-June.

The operation aims to "support the real estate sector ... and allow banks to continue to play their vital role" in the development of Qatar, he said.

Qatar, the world's top exporter of liquefied natural gas, has been diversifying its economy away from hydrocarbons and developing its real estate and financial sectors.


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