FINANCIAL NEWS

QIF seeking shareholders’ approval to invest in Saudi Arabia

20 Oct 2012

(MENAFN) The Qatar Investment Fund (QIF) unveiled plans to invest in new business opportunities in Saudi Arabia, Saudi Gazette reported.

QIF is seeking shareholders’ approval to use derivatives for investment there, as direct ownership of listed securities by foreign investors is illegal in Saudi Arabia.

The derivatives will only be used in the Saudi market, and more than one counterparty will be appointed to minimize risk.

A vote for the proposal will take place at the annual general meeting on Nov. 14 at the same time as a continuation vote.

The fund’s current investment policy accommodates investment in other Gulf Cooperation Council countries, which it has used to invest in Oman.

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