Qatar stocks rise as Blatter re-election eases World Cup fears

Mr Blatter has denied alleged corruption in the awarding of the 2018 and 2022 World Cup tournaments to Russia and Qatar.

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Qatar’s stocks advanced after the re-election of Fifa’s president reduced concern that Doha’s hosting of the football world cup was in jeopardy.

The benchmark QE Index closed up 1.2 per cent at 12,048.26. Dubai’s DFM General Index retreated 1.9 per cent, while Abu Dhabi’s measure edged up 0.2 per cent.

Joseph Blatter was voted on Friday to head football’s world governing body for a fifth term.

He has denied alleged corruption in the awarding of the 2018 and 2022 World Cup tournaments to Russia and Qatar.

Qatar, which holds the world’s third-largest natural-gas reserves, plans to spend as much as US$200 billion on projects including stadiums, roads and hotels in the run-up to the event.

“Now with Blatter in again, investors are excited that the 2022 World Cup will probably go ahead unhindered,” said Tariq Qaqish, a fund manager at Al Mal Capital in Dubai.

Qatar’s shares last week posted their biggest two-day drop since December after Swiss authorities said they were investigating the vote that awarded Qatar the right to host the 2022 event, and US prosecutors unveiled charges detailing rampant corruption in international football.

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