Doha  - The government of Qatar on Monday said that it would purchase the investment portfolios of seven Qatari banks.

Qatari Prime Minister Sheikh Hamad bin Jassem al-Thani said the government would purchase shares in the banks' investment portfolios in an attempt to support the country's banking sector.

The banks, which include Qatar's national bank, are listed on the Doha stock exchange.

The Doha stock market rallied by almost 9 per cent after the announcement, the Dubai's al-Arabiya satellite channel reported.

The cost of the package will be based on the portfolios' value on February 28, and the transaction will be completed before the end of March, Sheikh Hamad said.

In addition to the Qatar National Bank, the Doha Bank, the Qatar Islamic Bank, the Commercial Bank, the Ahli Bank, the Qatar International Islamic Bank and the al-Khalij Commercial Bank will benefit from the government's aid. (dpa)