LONDON (Alliance News) - Qatar Investment Fund PLC on Friday said its net asset value outperformed its benchmark in the year to the end of June as the Qatar market held up well despite the fall in world oil prices.
The fund, which invests in listed companies in Qatar and other Gulf states, said its net asset value per share rose 8.4% in the year, compared to a 6.2% rise for the Qatar Exchange and a 4.6% rise in the MSCI Emerging Markets Index.
The fund said Qatar was the best performing Gulf market during the year, despite the challenge posed by the collapse in oil prices. The non-hydrocarbon sector is now 62% of the Qatar market, it noted, so the impact of continued low oil prices should be limited.
"The performance of the Qatar Exchange was strong despite headwinds from lower oil prices and the ending of the effect of the MSCI upgrade which occurred in June last year. Saudi Arabia, Kuwait, Oman and Bahrain posted negative returns during the period but the Qatar Exchange remained resilient," said Chairman Nick Wilson.
"Looking ahead, the Qatar market is expected to perform well over the long term on the back of strong fundamentals, infrastructure spending, non-hydrocarbon sector growth and a rising population. The liberalisation of rules governing international investment means that Qatar is well and truly open for business," Wilson added.
Shares in the fund were untraded early Friday, having last traded at 1.26 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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