Qatar Real Estate News
Qatar Government to purchase real estate portfolios of Banks
Qatar has purchased the real estate investments of local banks, and QR15bn has been earmarked for the purchase of their portfolios, the Central Bank Governor in Qatar has revealed.
Although the government did not specify the amount of money dispensed, the names of banks that have sold or are willing to sell their portfolios, or the other terms of the purchases have been revealed.
The Government in Qatar had implemented a series of measures to pile up liquidity in local banks since Q4, including purchasing stakes in lenders and buying their local equity investment portfolios.
The government mentioned that it would offer to purchase the property portfolios of banks, and loans to support a sector that has suffered from price declines in Qatar.
The banks eligible for the real estate funding include, Qatar National Bank, the biggest lender, Commercial Bank of Qatar and Doha Bank, among others.
Posted on 30/6/2009