Qatar Central Bank (QCB) has launched the second phase of its Primary Dealer (PD) Framework, marking a major step in the evolution of Qatar’s domestic capital markets.
QCB conducted its first auction under the newly expanded framework on 24 August 2025, issuing government bonds and sukuk denominated in Qatari riyals on behalf of the Ministry of Finance. A total of $4.24 billion (QAR 15.425 billion) was offered and fully allocated across four instruments, 2-year (tap) and 5-year (new issuance) tranches of both bonds and sukuk.
The auction witnessed strong demand, with significant oversubscription highlighting investor confidence and a healthy appetite for Qatari riyal-denominated instruments, despite the substantial issuance volume. The initiative is part of QCB’s ongoing efforts to develop a strong and integrated financial infrastructure in line with Qatar National Vision 2030.
QCB has appointed five financial institutions as the first local Primary Dealers: AlRayan Bank, HSBC Bank, Qatar Islamic Bank, Qatar National Bank, and Commercial Bank of Qatar. These banks will facilitate access to government debt instruments and enhance market liquidity and participation.
This development is expected to support the goals of its Third Financial Sector Strategy, which aims to adopt international best practices in public debt management and deepen domestic financial markets. The framework is also designed to attract broader investor participation, both regional and international, and improve price discovery and secondary market operations.
HE Sheikh Ahmed bin Khalid bin Ahmed bin Sultan Al-Thani, Deputy Governor of QCB, stated that the appointed Primary Dealers will play a central role in building investor access to Qatari government securities. He encouraged continued engagement from all market participants to support the development of a transparent and efficient government securities market.
Additionally, the issued bonds and sukuk have been listed on the Qatar Stock Exchange (QSE). Notably, this includes the first-ever Qatari riyal-denominated sukuk to be listed locally, marking another milestone for Qatar’s capital markets.
The Primary Dealer Framework is expected to expand further, with additional phases and opportunities for eligible banks to apply for participation. QCB confirmed its commitment to evolving the initiative to enhance investor confidence and ensure orderly and efficient issuance of government securities in the years ahead.
