Mazaya Qatar, an affiliate of Kuwait's real estate developer Al Mazaya Holding, said it plans to raise QR500 million  ($137.4 million) in an initial public offering next week.

The firm will offer 50 million shares, or 50 per cent of its capital, in the IPO after it got the approval of the Qatari authorities, it said in a statement on Sunday.

The IPO, which will be open to citizens and 100 per cent owned Qatari firms, will run from January 17 to 31. Nominal value per share will be SR10, it said.

Qatar National Bank is the lead manager for the IPO. Last year, the Islamic Sharia-compliant firm had put on hold the IPO plan to increase its capital from SR500 million to SR1 billion due to turmoil in the financial and real estate markets which hit the Gulf.

The IPO was originally planned for November last year. The firm had said it planned to launch the IPO as it looks to benefit from a property shortage in Qatar, the world's largest exporter of liquefied natural gas.

Kuwait's Al Mazaya Holding owns a 10 per cent stake in Mazaya Qatar.-Reuters