Investors in the Gulf Arab region on Sunday saw the Qatar Exchange’s QE Index gaining over 7 percent at the opening, after the Gulf state won its bid to host the FIFA World Cup in 2022.
The QE Index eventually closed with a gain of 3.57 percent at 8, 477.32 points. Banks were mostly demanded in the Qatari capital Doha, where the QE stock market is located.
Commercial Bank of Qatar, also known as CBQ, surged 5.20 percent. Real estate giant United Development Company (UDC) added 4.67 percent, ending at QR 26.90. UDC built from 2004 to 2007 the Pearl Qatar, an island near the coast of Qatar.
The state which is one of the largest gas exporting countries in the world, aims to invest 27 billion U.S. dollars into the local infrastructure in order to host the World Cup in 12 years.
Qatar has the world’s highest GDP per capita in the world, reaching over 100,000 dollars. Even in the near term, as per IMF estimates, the growth is likely to continue with Qatar’s overall real GDP projected to grow by 16.0 percent in 2010 and 18.6 percent in 2011, which is among the highest in the world, driven mainly by large expansion in natural gas production and public investment expenditures, Kuwait’s Global Investment House writes in a statement released on Sunday.