The Qatar Stock exchange (QSE) has enormous potential to attract a large number of local and global companies to invest in the market following the success of the FIFA World Cup and the first direct listing by Beema in the QSE, Maroon Capital Director Hosam Mekdad told The Peninsula on the sidelines of the listing recently.
He said the QSE is a resilient market and has withstood many challenges as a vibrant stock exchange.
“We are confident there will be many more listings taking a cue from ‘Beema’ which has set a precedent for others to follow,” Mekdad said.
The Damaan Islamic Insurance Company ‘Beema’ commenced trading on the QSE’s main market early this month after obtaining regulatory approvals of the Qatar Financial Market Authority, its regulator the Qatar Central Bank and the QSE.
Qatar has set sight on its capital market having been in the global spotlight for hosting a spectacular sporting event last year.Market analysts are confident that the hype created by the sporting event will attract more leading local and global companies to the highly lucrative market this year.
Financial analysts are of the view that ‘Beema’s entry into the market is a major move that would encourage more players in the securities market in Qatar.
QSE Acting CEO Abdulaziz Al Emadi addressing the media at the Beema listing said the QSE is proud of the decision by ‘Beema’ which shows the resilience of the Qatar Stock Exchange and its strength to withstand any situation.
According to Al Emadi there would be many entities that will be going public this year which would be a very successful year following the success of the FIFA World Cup that placed the country on top of the world map not only for sports but also for trade and investments.
Following the listing of Beema, the number of listed companies on QSE’s main market is expected to rise to around 49. Damaan Islamic Insurance Company ‘Beema’ established in 2009 by its five founding shareholders, Qatar Islamic Bank QPSC, Qatar Insurance Company QPSC, Masraf Al Rayan QPSC, Barwa Real Estate Company QPSC and QInvest LLC (the “Founders”) is one of the leading Islamic insurance providers in Qatar.
The Company offers a wide range of innovative takaful solutions to both retail and institutional clients, directly and through diversified distribution network. In the financial year 2021, the Company’s total gross written contributions (“GWCs”) totaled QR 368m.
Beema’s Chief Executive Officer, Nasser Al Misnad said: “The listing of Beema on the QSE Main Market demonstrates our continued success, operational excellence, financial sustainability, and ambitions to grow and added that the company is pleased to have worked with Maroon Capital which has been a trusted partner to Beema in achieving this important milestone in our company’s corporate journey.
Maroon Capital Advisory LLC was established in 2021, with a mission to support shareholder value creation for corporate clients through innovative strategic and corporate finance advice.
