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Huge demand for Rayyan Bank IPO

DOHA — Huge queues have been developing at Qatar Sports Club, the venue for applications from GCC nationals for the IPO of Qatar’s new Al Rayyan Bank.

Travellers have been sleeping in their vehicles to be first in line each day, but in general have said that the actual processing of their applications has been swift and efficient once they have got to the front of the line.

Special forces were called out to control the crowds at one stage on Wednesday, restricting access to the club grounds as lines stretched back onto the roads outside.

Saudi authorities have, meanwhile, cracked down on their nationals travelling to Qatar and carrying passports and ID cards of friends and family members who wish to subscribe. They have reminded travellers it is illegal to exit the country carrying the documents of another Saudi national not accompanying them.

Kuwaitis have also been coming to Doha carrying multiple passports so that they can file applications on behalf of their friends and family. Smaller, but still highly significant numbers of Bahrainis, Emiratis and Omanis have also been attracted by the IPO, and regarding it as a solid investment in light of Qatar’s rapidly growing economy.

The IPO for the bank remains open until January 29, although all indications are it will have been oversubscribed many times before then. This is the first time that an IPO in Qatar has been open to anyone other than Qatari nationals, and reflects the country’s changing economic climate and openness to foreign investment. Application forms have been available at Doha airport and also at its land border posts.