Doha - NYSE Euronext, owner of the New York Stock Exchange, signed on Friday its agreement with Qatar to acquire 20 per cent of the newly created Qatar Exchange for 200 million dollars.

The agreement will provide NYSE Euronext with an important presence in the Middle East, according to a statement released by both partners.

"This agreement paves the way for Qatar to play an important role in the international market, benefiting the Qatari people and the Middle East region," said Sheikh Hamad bin Jassim bin Jabr al-Thani, the Qatari Prime Minister, said in a statement commenting on the deal.

Qatar Exchange, which will start trading on Sunday, will replace the current Doha Securities Market.

Andre Went, a senior executive from NYSE Euronext, will be appointed chief executive of Qatar Exchange.

"Our vision is to create a financial hub that is backed by an international stock market that is managed in the same way the biggest markets in Europe, Asia and the US are," added Sheikh Hamad, who is also the Foreign Minister.

The deal comes part of Qatar's efforts to establish itself as a financial hub in the region.

Last week, Porsche agreed to the Qatar Investment Authority (QIA) taking one quarter of the voting shares in Porsche, purchasing the German sports carmaker from Volkswagen.(dpa)