qfbadmin – Page 28 – Qatar First bank

As part of its strategy to build a balanced Oil & Gas investment portfolio, Qatar First Investment Bank acquires a 41% stake in QCon

Qatar First Investment Bank (QFIB) has announced that it has recently acquired a 41% equity stake in Qatar Engineering & Construction Company, one of the largest Qatar based engineering firms specializing in executing engineering projects for the oil and gas industry. The acquisition transaction was signed a few days ago at a ceremony in Doha marking QFIB’s debut transaction in this sector and in Qatar.

Qatar First Investment Bank, a newly established investment bank based in Doha stated that this acquisition represents its first step towards building a significant portfolio of investments in the oil and gas industry across the region, which will cover various businesses within the sector including production, transportation, conversion operations as well as services.

In the six months since hosting President Bill Clinton at its much talked about launch event, Qatar First Investment Bank is fast becoming one of the leading financial institutions in Shari’ah compliant investment banking in Qatar and the GCC. It aims to provide its investor base with a diversified portfolio of investments in various key industries within the GCC and the MENA region.

QFIB’s business strategy is focused on building a diversified portfolio of investments in five different key economic sectors, which include Oil & Gas, Financial Services, Industrial, Health Care and Real Estate.

Chairman of Qatar First Investment Bank, Abdullah Al Marri stated “QFIB entered the market six months ago with an authorised capital of QAR 3.65 billion (US$ 1billion) and a paid up capital of QAR 1.6 billion (US$ 430million),” he said.

He added, “We have agreed and started implementing a sophisticated and diverse investment strategy, generating unique opportunities for our clientele. Our business plan is built on the basis of sound fundamental economic factors in the GCC and MENA region, supported by favourable demographics and strong economic growth driven by energy and commodity exports.”

QFIB has an ambitious plan to become a prominent long term player in the Energy sector by investing in existing assets and by playing a key role in M&A and capital raising activities within the sector. Growth in the Energy and Oil & Gas sectors is set to continue leading to a greater demand in engineering services, which QCON is ideally positioned to capitalise on.

Qatar First Investment Bank is the first, fully independent, Shari’ah compliant investment bank to be authorized by the Qatar Financial Centre Regulatory Authority.

Consortium acquires Qatar Engineering & Construction Company

A Consortium comprising of institutions from Qatar and Bahrain announces that it has acquired Qatar Engineering & Construction Company WLL (QCon), one of Qatar’s leading industrial engineering and construction contracting companies specialising in the Oil & Gas, Petrochemical, Power and other industrial infrastructure sectors. The transaction sees Qatar America Asia Consortium (QAAC), Bahrain-based Unicorn Investment Bank (Unicorn), Qatar First Investment Bank (QFIB) and The First Investor (TFI) acquire 100% of QCon from Qatar Shipping. QAAC is the Co-Originator of the transaction, with Unicorn acting as Co-Originator and Arranger. The Consortium formed a close partnership to structure the transaction according to Shari’ah principles. QFIB and TFI are the largest shareholders in the Consortium, having each acquired a 41% stake in QCon.

Established in 1975, QCon is organised along three main business lines: Engineering, Procurement and Construction (EPC); Maintenance; and Fabrication. The company has successfully executed over 1,400 construction projects in a broad range of industrial sectors. QCon is the leading contractor in Qatar’s Oil & Gas sector and is also the market leader in the provision of maintenance services. The company also has dedicated facilities to carry out the fabrication of heavy off-shore structures, including a topside production facility located in Qatar’s Mesaieed Industrial City.

Commenting on the acquisition, Shaikh Ahmed Bin Mohammed Bin Jabor Al Thani, Chairman of QAAC, said: “We are proud to have formed a strategic alliance with three of the region’s leading financial institutions to acquire QCon, and we are confident that the Consortium will be able to add tremendous value to the company as it enters the next phase of its growth.”

Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn, commented: “We are delighted to have put together a strong Consortium and to have the opportunity to partner with leading Qatari institutions to acquire QCon, an acknowledged heavyweight in the Qatar Oil & Gas sector. Our investment in QCon marks Unicorn’s third investment in the regional energy sector in recent months and reflects our confidence in the ability of the sector to continue to drive regional economic growth.”

Abdullah Bin Fahad Bin Ghorab Al-Marri, Chairman of QFIB, added: “We are pleased to be part of such a Consortium. This is an important investment for QFIB in the energy sector and we look forward to working with our partners to support QCon’s expansion plans, both in Qatar and within the broader MENA region. We are confident of QCon’s ability to capitalise on the future growth of the Oil & Gas sector and large-scale industrial projects, which will result in an increase in the demand for engineering, construction and maintenance services. QCon is well placed to take advantage of these developments to further grow its business regionally.”

Mohammed Abdulaziz Saad Al-Saad, Board Member of TFI, commented: “QCon is the market leader in the Qatari contracting and maintenance sectors and is an excellent position to grow, particularly given the company’s long experience serving the largest industries in the region: Oil, Gas and Power. We look forward to working with our partners and with QCon’s highly experienced management team to support the company’s next phase of growth. We also intend to leverage the synergies with our other portfolio companies to achieve long-term growth for QCon.”

QCon has been wholly owned by Qatar Shipping since 2006.

Qatar First Investment Bank hosts a special iftar for the residents of the Qatari Institution for Elderly Persons’ Care

Qatar First Investment Bank (QFIB) continues its “Ramadan Blessings” campaign by hosting an iftar for the Qatari Institution for Elderly Persons’ Care on Sunday to mark the forthcoming Eid El Fitr.

QFIB senior management and staff organized an iftar for the residents of the Qatari Institution for the Elderly at their premises to promote solidarity and brotherhood with the different segments of society. QFIB employees exchanged conversation with the elderly over an iftar meal, and then distributed gifts to all residents of the institution, on the occasion of the forthcoming Eid al Fitr.

The Qatari Institution for Elderly Persons’ Care is a private institution. Based in Doha, the institution provides shelter for elderly persons whose families are unable to look after them. It also offers health, social and psychological care and endeavours to integrate the elderly members of community into Qatari society.

CEO of QFIB, Mike de Graffenried said: “We are delighted to share an iftar with the residents of the Qatari Institution for the Elderly Persons’ Care. At QFIB we take our corporate social responsibility role seriously. We launched the ‘Ramadan Blessings’ campaign during the holy month to support the local community and reach out to those less fortunate in the society. This underlines the Islamic nature of our business. ”

Qatari Institution for Elderly Persons’ Care’s General Manager, Mr. Youssef Al Muftah stated: “We thank Qatar First Investment Bank for this noble initiative. We are honored to have the employees of the bank share an iftar with the residents of the institution. This clearly indicates the bank’s strong belief in solidarity and commitment to Shari’ah principles.”

Qatar First Investment Bank is the first, fully independent Shari’ah compliant investment bank to be authorized by the Qatar Financial Centre Regulatory Authority. It launched in March and aims to become one of the leading financial institutions in Shari’ah compliant investment banking in Qatar and the GCC

Qatar First Investment Bank celebrates Garangou with children of the Dhreima Friends Club

Qatar First Investment Bank (QFIB) continued its “Ramadan Blessings” campaign for the Holy Month of Ramadan on Saturday by hosting an iftar for the children of the Dhreima Friends Club to celebrate the Garangaou.

QFIB Chairman, staff and their families invited the children of Dhreima Friends Club to share an iftar at the Milllenium Hotel where they were entertained by a variety of children’s acts including the well-known characters from the popular UAE-based cartoon “Freej”. QFIB staff gave the children Garangaou bags and gifts to mark the special occasion.

Garangaou is a special Qatari tradition for children and is celebrated on the 14th of Ramadan. Garangaou is a time where it is customary for children to dress up in traditional gowns and visit neighbours and collect nuts and sweets.

Dhreima Friends Club aims to provide an integrated Islamic system of care and shelter for orphans in the State of Qatar. Dhreima believes ensuring the welfare of orphans is the responsibility of society which is why partnering with other local organisations is an important aspect of their work.

Chairman of QFIB, Abdulla Ghorab Al Marri said: “At QFIB, we are committed to reaching out to the local community and raising awareness of noble causes. This underlines the Islamic nature of our organization. We constantly encourage our staff to contribute to the community whether through financial contributions or in kind especially during special times such as the Holy Month of Ramadan. We are delighted to participate in celebrating this cultural occasion with the children of Dhreima Friends Club and succeed in placing a smile on the childrens’ faces.”

Other social activities planned under the Ramadan Blessings’ campaign include hosting an Iftar for the Qatari Institute of Elderly Persons’ Care to celebrate Eid El Fit’r. QFIB employees and family members will participate in this initiative.

QFIB promotes solidarity and brother hood during the Holy Month of Ramadan

Qatar First Investment Bank (QFIB) announces the launch of “Ramadan Blessings” a special campaign during the Holy Month of Ramadan as part of its corporate social responsibility. “Ramadan Blessings” campaign will include a series of social activities that aim to promote solidarity and brotherhood during this special month by bringing QFIB employees and families closer to the less fortunate members of society.

QFIB’s Ramadan Blessing’s campaign kicked off on Sunday night with an Iftar for all QFIB employees and their families at Doha’s Millennium Hotel. The Iftar was an opportunity for QFIB employees from many nations to experience Ramadan as well as promote team work and communication.

CEO of QFIB, Mike de Graffenried said: “Ramadan is a special month of the year. It’s all about sharing and giving. The Iftar was a good opportunity of bringing our employees of many nations together with their families to experience Ramadan and get to know each other. Social gatherings are important. They help to improve ties amongst employees and foster a spirit of team work, while underlining the Islamic nature of our organisation”

Other social activities planned under the “Ramadan Blessings’ campaign include a Garangaou celebration for the Dreihma Friends Club and an Iftar for the Qatari Institute of Elderly Persons’ Care. QFIB employees and family members will participate in both initiatives.