LONDON (Alliance News) - Qatar Investment Fund PLC's net asset value per share increased by 16% in the third quarter, with the Qatar Exchange Index rising 19.5% over the same period.
In the nine months to September 30, Qatar Investment Fund's NAV rose 31.8% against the index's 32.3%, the company said in a statement on Wednesday.
On September 30, the fund's share price was trading at a 16.5% discount to NAV, Qatar Investment Fund said.
"The long term prospects for the Qatari economy remain compelling because of massive infrastructure spending (USD182 billion over 2014-2018) and favourable demographics. GDP growth from an expanding non-hydrocarbon sector and rising population should drive consumption spending, creating opportunities in financial services, transport, communications, and real estate," Qatar Investment Fund said in a statement.
"The banking sector should benefit from demand for project financing and consumer lending. Hence, the investment adviser favours selected domestic banks, real estate and consumer driven companies," the company added.
"In the near term, growth prospects for the Qatari economy and the Qatari market are expected to remain good because of the near term infrastructure project pipeline, expansionary budget announcements, moderate corporate earnings growth and an attractive dividend yield," the company said.
Qatar Investment Fund shares were Wednesday untraded at USD1.39.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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