H.E Sheikh Thani bin Abdallah al Thani, ruler of Qatar has announced that he is to donate shares from his stake in the Ezdan Real Estate Company to Qatar’s “poor and needy people”.
In total, 605 million shares in the company will be donated, the equivalent to the price of 18,000 units; a sum which is expected to increase in line with the value of property in the Gulf state.
A statement released by Ezdan Real Estate said the initiative creates “a source of sustainable income in a company being considered one of the leading in the real estate sector in Qatar and the region.”
Originally known as the Thani Bin Abdullah Housing Group, in 2006, the name Ezdan Real Estate Company was adopted and the firm became a Qatari shareholding company, launching on the Qatar Securities Market two years later.
Projects currently underway by the developer include Ezdan International School, Ezdan Mall; the Ezdan hotel and suites were completed earlier this month.
“There is no doubt that the success being achieved by Ezdan Real Estate company and the works that is widening and growing every year, would increase the value of the donation in future, particularly with completion of the projects planned to be completed during the coming years,” the statement concluded.
Last week a report by American business magazine Global Finance, named Qatar as the wealthiest nation in the world in 2010, due to its natural gas reserves.
It was one of only three Arab countries in the top 20, followed by Bahrain and Saudi Arabia.