QFIB acquires a landmark building in Doha

QFIB acquires a landmark building in Doha

Qatar First Investment Bank (QFIB) has acquired a landmark building in a prime location in Doha from Al Jazeerah Islamic Company (AJIC), a Qatar based Shari’ah financial solutions provider to house its corporate headquarters. The acquisition of the building on Suhaim Bin Hamad Street in Doha’s thriving Al Saad area represents QFIB’s first real estate investment in Qatar. Qatar First Investment Bank has also acquired stakes in AJIC from Kuwait based Global Investment House.

The building was acquired from AJIC for an amount of QAR 185 million (US$50.7 million). The location of the building is approved by the Qatar Financial Centre Authority (QFCA). The Qatar First Investment Bank building has more than 11,000 square meters spread over 10 floors, in addition to a mezzanine level and ground floor. QFIB will occupy three floors to house its corporate headquarters. Commenting on both transactions, Chairman of Qatar First Investment Bank, Abdulla Bin Fahad Bin Ghorab Al Marri said “Our business strategy focuses on building a diversified portfolio of investments in key sectors of the economy of which the real estate and financial sectors are included. The acquisition of both the building and the shares present sound investment opportunities for QFIB. Being centrally located, the building is in an ideal location to establish the bank’s headquarters. Furthermore, confidence in the real estate sector in Qatar remains high in spite of the current economic situation, and office space in prominent locations in Doha is still at a premium.”

“The acquisition of the building will provide QFIB with substantial rental cash flow and as a fully-licensed QFC building, we will benefit from the number of international investors entering the market who will require quality office space,” stated the Chairman.

“We acquired the shares of AJIC because we strongly believe in its ability to continue to develop and contribute to the financial sector of the economy. AJIC is a healthy and fast growing financial services company that is licensed by Qatar Central Bank. It has no exposure to toxic assets and has not suffered directly from the global downturn.”

Chairman of Al Jazeera Islamic Company, Mohamed Abdul Latif Almana said, “We are pleased with the successful sale of the building and welcome QFIB as one of our shareholders. We both share the same vision of providing customers with innovative products and highest level of services. Qatar’s solid current and projected GDP growth has resulted in a rapid increase in population.” he said. “Coupled with the tight liquidity environment caused by the current global financial crisis, this development puts upward pressure on the supply of financing and presents an enviable situation for AJIC

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

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

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.