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Report: 2 Qatari firms eye listing ETFs in Doha as Saudi-led boycott continues

Qatar-based lender Masraf Al Rayan QPSC and investment firm Amwal QSC are planning to list exchange-traded funds in the country's stock market by the end of the first quarter, Reuters reported Feb. 6, citing market sources.

The ETF listings would be the first in Qatar's stock market, after years of discussions to introduce them amid technical and regulatory challenges. Most regulatory approvals for the listings have been secured, the newswire's sources said.

Masraf Al Rayan is in the process of raising 400 million Qatari riyals from investors for its ETF, which will track the movement of Shariah-compliant stocks, "an investor and an industry executive familiar with the matter" said. Amwal has also raised funds for its ETF, which is set to track the movement of the 20 largest and most liquid stocks in Qatar, according to the same executive and "another source familiar with the matter."

The listings come as Qatari authorities are trying to recover losses, improve liquidity and attract more foreign investment amid a Saudi-led boycott of Qatar that began in June 2017.

As of Feb. 6, US$1 was equivalent to 3.64 Qatari riyals.