Qatari nationals will have the opportunity to invest in Qatar Petroleum’s Qatalum as just less than half goes public.
Qatar Petroleum, the biggest energy company in the country, has announced that they will list 49 percent of Qatalum, the country’s leading aluminium smelter plant, in a public offering on Qatar Exchange.
HH The Emir Sheikh Tamim bin Hamad Al Thani had directed that the state gives Qatari citizens the opportunity to invest in state-sponsored companies, which are regarded to as safe investments with lucrative returns.
— The Life Pile (@thelifepile) May 3, 2018
Qatar Petroleum said that the decision is important in implementing the Qatar National Vision 2030, which main role is to create a diverse and competitive national economy that is able to secure the country’s high living standards.
The initiative is also in line with the state’s plan of mixing the public and private sector, putting both the state and public in business together.
However, it will be some time before you find Qatalum on the Qatar Exchange. Procedures are expected to be completed before the end of this year.
— The Life Pile (@thelifepile) April 25, 2018
Qatar Petroleum also said that they will be establishing a holding company that will acquire the company’s stake in Qatalum.
Qatalum is a joint venture between the state and the Norwegian company Hydro, and is one of the most successful joint ventures of Qatar Petroleum. It has generated a total revenue of QR5.1bn and a net profit of QR660m in 2017.
The company generate more than 645,000 tons of high grade aluminum each year which are shipped out to Asia, Europe and the US.