Author: qfbadmin

Qatar First Investment Bank highlights Qatar 2022 investment opportunities

Qatar First Investment Bank (QFIB), Qatar’s independent Islamic investment bank, today provided an in-depth economic snapshot of Qatar’s investment landscape to an influential group of Saudi businessmen at a reception hosted by Mafaz International, a shareholder of QFIB and one of the leading organizations in the Kingdom of Saudi Arabia.

Mafaz International, based in Riyadh, hosted a dinner for key Saudi Arabian businessmen and government officials in addition to QFIB shareholders’ based in the Kingdom. Speaking at the event, the QFIB senior executives discussed the Bank’s progress and the investment landscape in Qatar ahead of the FIFA 2022 World Cup. They gave a presentation that outlined the different sectors that will benefit from the 2022 World Cup and the potential opportunities that will be generated for investors.

“We extend our appreciation to Mafaz International for organizing this gathering. We are delighted to meet our Saudi shareholders and share the progress of QFIB to date” commented Abdullah bin Fahd bin Ghorab Al Marri, QFIB Chairman. “We are further pleased to share our insights and knowledge of the Qatari investment landscape with our Saudi counterpart. Everyone is eyeing Qatar with great interest after winning the bid for FIFA 2022 World Cup. There will be tremendous opportunities for investors in the region as Qatar is poised for massive growth- not just in the obvious sectors of infrastructure, construction and development, but also in education, healthcare and telecom”, he continued.

Dr. Fahad Al Damer, QFIB Board member and General Manager of Mafaz International commented, “As a board member of QFIB, I applaud the management’s efforts in trying to connect with its shareholder base around the GCC. We are pleased to have had the opportunity to organize such an event. This gathering has given QFIB Saudi based shareholders the opportunity to meet with QFIB senior executives and discuss how the Bank has progressed since the private placement in 2008. We also appreciate QFIB sharing the opportunities in different sectors that are likely to emerge as a result of the FIFA 2022 World Cup. This will alert Saudi businessmen to any investment prospects they might focus on.”

Equity research undertaken by QFIB has indicated that over nine sectors are expected to benefit from Qatar’s FIFA bid win. Immediate sectors to benefit include infrastructure, transport and logistics, and construction/development. Further sectors are also projected to benefit due to ancillary development needs including the financial sector, education, power and healthcare. These multiplier effects, according to QFIB executives, combined with a population growth will have a great impact on Qatar’s GDP in the coming years.

“With no major energy projects on the horizon, economists had projected a slowdown in growth from 2012-2015,” Emad Mansour, CEO of QFIB, began. “The FIFA 2022 World Cup is a big win; the resulting investment will have a multiplier effect on several other industries and lead to increased diversification of Qatar’s hydro-carbon focussed economy,” he added. The executives also detailed the three pillars of announced FIFA 2022 investment initiatives: stadiums, accommodation and infrastructure, projected at $3 billion USD, $12.4 billion and $44 billion respectively. With a concentration of key event facilities and venues within a compact area of a 60km radius, three stadium renovations and the construction of nine new stadiums are planned.

While detailed information is still being compiled, Qatar government decision-making is ongoing. Nonetheless, healthcare and education are the key sectors of expected growth with approximately 72 out of 200 awarded projects.

For more information on QFIB’s analysis of projected growth in Qatar, please visit the detailed report at www.qfib.com.qa

QFIB announces that its portfolio company Emirates National Factory For Plastic Industries L.L.C. (“ENPI”) has signed a new five-year, AED 250 million syndicated Islamic facility, arranged by Abu Dhabi Islamic Bank (“ADIB”).

Qatar First Investment Bank (“QFIB”) announces that its portfolio company Emirates National Factory For Plastic Industries L.L.C. (“ENPI”), the UAE’s leading manufacturer of plastic packaging solutions, paper products and technologically advanced plastic cards has signed a new five-year, AED 250 million syndicated Islamic facility, arranged by Abu Dhabi Islamic Bank (“ADIB”). The signing ceremony took place at Abu Dhabi Islamic Bank headquarters in Abu Dhabi.

The financing will be used for the construction of a new production facility in Industrial City of Abu Dhabi 1 (“ICAD 1”), the purchase of new machinery and equipment and the refinancing of a portion of the company’s existing conventional debt. The five-year facility, split into an AED tranche and a USD tranche, not only extends ENPI’s debt maturity profile but also reduces ENPI’s overall cost of funding.

ADIB acted as the Mandated Lead Arranger for the transaction which was oversubscribed by more than 30% reflecting the strength of ENPI’s credit. Participating banks included Al Hilal Bank, Al Khalij Commercial Bank (Al Khaleeji), Ajman Bank, First Gulf Bank and Mubadala GE Capital (“MGEC”). For MGEC the transaction represented their first Islamic investment since inception.

QFIB, ENPI’s majority shareholder, played an instrumental role in structuring this facility which will allow ENPI’s management further flexibility to realise its strategic objects. The facility enables ENPI to capitalise on the growing demand for plastic solutions regionally and internationally as well as to raise the profile of the developing industrial sector in the UAE. The proceeds will in part be used to expand and strengthen ENPI’s production platform as well as to solidify the company’s market position across the UAE and the broader region.

Nizar Rajoub, CEO of ENPI commented “We are grateful to QFIB for their expertise and valuable insight in assisting with structuring this Shari’ah-compliant facility. This new financing facility will provide us with the financial strength to deliver on our strategic plan to expand our manufacturing base across the GCC to meet the growing demand for our products. This will lead to considerable growth of our sales and allows us to strengthen our existing market position as a leader in the industry.

Emad Mansour, CEO of QFIB said: “We recognize the importance of developing the industrial sector as GCC countries embark on a drive to diversify their economies. Assisting ENPI with their expansion plans has given us deeper insights into the industrial sector. Furthermore, it has given us the opportunity to cement and broaden our relationship with a number of top-tier financial institutions across the UAE. The over-subscription not only demonstrates the financial strength of ENPI, but also the growing confidence in the outlook for SMEs and the increased appetite across the region for Islamic finance. QFIB is pleased to have assisted one of its portfolio companies with negotiating this long-term Islamic financing solution”.

QFIB is the first independent Shari’ah compliant investment bank in Qatar. It acquired ENPI in July 2009. Since then, QFIB has also been influential in accelerating ENPI’s development. Experienced board members and top management have been recruited in line with corporate governance best practices, ENPI’s information technology infrastructure is being developed and expansion plans into new markets are being progressed, especially in Saudi Arabia. QFIB continues to work closely with ENPI’s management as partners in order to maximise value for all stakeholders.

QFIB today announced that it has received ISO 27001 international certification

Qatar First Investment Bank (QFIB), the only un-affiliated fully Shari’ah compliant Investment bank licensed by the Qatar Financial Centre Authority, today announced that it has received ISO 27001 international certification. QFIB is the first investment bank in Qatar to receive such an accreditation for its IT Department and Data Center.

ISO 27001 is the world’s highest accreditation for information protection and security from the International Organization for Standardization (ISO). Achieving such a certification enforces the necessary information security controls such as customer data protection, Chinese walls and information barriers . The ISO 27001 provides a specific framework for managing information security across a number of linked processes. Organizations that adopt such a certification can be formally audited and certified compliant with the standard.

QFIB selected Ernst & Young – Qatar as its audit and advisory partner. Ernst & Young Qatar conducted a detailed risk assessment. The process was initiated in February 2010 and successfully completed in November 2010.

“Partnering with a leading firm such as Ernst & Young – Qatar to achieve the ISO 27001 certification clearly indicates QFIB’s commitment to establish an IT Governance Framework that is aligned with leading practices. The Bank has developed an IT strategy based on upgrading the Bank’s information system security to ensure the protection of our data center from a range of threats, minimize financial loss and ensure business continuity” commented Slim Bouker, QFIB’s Chief Operating Officer.

“We congratulate QFIB for being awarded the ISO 27001 certification. Investment banking business depends largely on information security. Such an initiative demonstrate’s QFIB’s determination to adopt the highest standard of information security and their keenness to develop a world class IT infrastructure”, said Robert Abboud Partner at Ernst & Young- Qatar.

Qatar First Investment Bank applauded for commitment to Corporate Governance

Qatar First Investment Bank (QFIB) was recognized for its ongoing commitment to corporate governance by Dr. Nasser H. Saidi, Chief Economist at the Dubai International Finance Centre and Executive Director of the Hawkamah Institute for Corporate Governance.

In a special presentation to the QFIB Board of Directors, Dr. Saidi provided an update on the most recent corporate governance developments in the GCC and around the world, and recounted the elements of good corporate governance and the Board’s role, duties and responsibility.

In concluding his presentation, Dr. Saidi said: “I would like to applaud QFIB’s Board of Directors for its vision in establishing a world class and well-governed Shari’ah investment bank.” “This vision is best demonstrated through the Board’s commitment to maximize value for the stakeholders and implement governance guidelines that utilize best practices in corporate governance” he added.

Corporate governance has become a major issue in this increasingly global economy, in particular following the financial crisis of 2008. At its most basic level, corporate governance sets up “rules of the game” to deal with issues related to separation of ownership and control. In Qatar, a Code of Corporate Governance was developed by Hawkamah in association with the Qatar Financial Markets Authority (QFMA) in 2009.

Abdulla bin Fahad Bin Ghorab Al Marri, Chairman of QFIB, said: “The QFIB Board was pleased to host Dr. Saidi and discuss the latest trends and issues in corporate governance. Dr. Saidi is a world-renowned, respected expert and his insights were invaluable.”

“As a leader in Shari’ah compliant investment banking, QFIB proudly operates with accountability, fairness, transparency and responsibility. Both the QFIB Board and senior management team are strongly committed to corporate governance reform and will continue to maintain a complimentary balance between our regulatory framework and corporate responsibility” concluded Al Marri.

The Hawkamah Institute for Corporate Governance was created to bridge the governance gap by assisting the region’s countries and businesses in developing and implementing sound, well-integrated corporate governance frameworks. Working with national and regional task forces, Hawkamah Institute assists with the development of regionally relevant corporate governance frameworks and helps foster home grown communication and policy dialogue, ultimately becoming the natural bridge for institutions promoting corporate governance in the region.

QFIB announced today the appointment of Abdulla bin Fahad Bin Ghorab Al Marri, Founder & Chairman of the bank, to the Executive Board of INJAZ Qatar for 2011

Qatar First Investment Bank announced today the appointment of Abdulla bin Fahad Bin Ghorab Al Marri, Founder & Chairman of the bank, to the Executive Board of INJAZ Qatar for 2011. Al Marri is the newest to join a dedicated team of INJAZ Qatar Board members that include representatives from the larger community and organizations including AMWAL, ExxonMobil Qatar Inc., Qatar Petroleum, HSBC, Qtel , Deloitte, Carnegie Mellon University, Al Khaliji, Blue Salon and Qatar Financial Centre.

Mr. Al Marri commented: “I am proud to join hands with a team of business leaders committed to inspiring and developing youth in Qatar. INJAZ’s unique model provides remarkable opportunities for Qatari youth to expand on their knowledge and develop business skills by offering hands-on experience through their many work readiness and entrepreneurship initiatives.”

INJAZ Qatar is a not-for-profit organization committed to inspiring and preparing youth to succeed in a global economy that has reached over 3000 young people in Qatar since 2007. In late October 2010, QFIB announced that ten of their senior managers would be volunteering to deliver INJAZ’s educational programs. Volunteers included the heads of various business units including finance, compliance, risk, IT and corporate communications, giving true cross-business representation.

“QFIB has long been committed to nurturing the growing talent in Qatar and providing our younger generation with the opportunities to be leaders in their community and country,” Al Marri continued. “I know that the QFIB team shares my enthusiasm in supporting, firsthand, the dedicated staff of INJAZ as they continue to encourage Qatar’s youth in developing business and leadership skills,” he concluded.

The strategic partnership with local and multinational businesses is a unique element of the INJAZ model. Each semester, business leaders send staff into schools, bringing their know-how and enthusiasm into the classroom. These professionals, become role models for students sharing their experience, know-how and success stories while motivating students to succeed.

Sheikha Hanadi N. Al Thani, Chairman of Injaz Qatar board, commented: “INJAZ is pleased to welcome Mr. Al Marri as a new board member. We are confident that his extensive experience in the banking sector and his commitment to the community will undoubtedly serve INJAZ and its stakeholders well. We are positive that with Mr. Al Marri’s participation, INJAZ Qatar will continue to attract more Qatari corporations to join this initative and prepare our youth for the workforce”.