Qatar Navigation to raise foreign ownership limit to 49%

Qatar Navigation will increase its foreign ownership limit to 49 percent of the company’s capital from Wednesday, a unit of the Qatari government said in a statement on Tuesday.

Qatar’s emir last year instructed all companies listed on the country’s stock exchange to raise their limit for foreign ownership to 49 percent, part of reforms to expand the stock market and develop the financial industry.

The move, announced by the Qatar Central Securities Depository, comes after Qatar Navigation received approvals to increase the cap from its shareholders and the Ministry of Economy and Commerce, the statement added.

Foreign ownership was previously capped at 25 percent, according to bourse data. Arabian Business