Awards for Excellence 2009: Qatar
Best Bank: Qatar National Bank
Qatar’s leaders are taking pre-emptive action to ensure that none of its banks gets into difficulty. Last year the Qatar Investment Authority bought 5% stakes in all local banks and is expected to take another 5% later this year, except in Qatar National Bank, which is already 50% state owned.
The government is also buying property investments worth up to $4.1 billion from the banks, as well as equity portfolios worth another $6 billion in a bid to prop them up. The tactic appears to have worked, with the stock market, up more than 40% since the measures were announced in March.