Qatar First Investment Bank (QFIB) has signed its first business transaction, a partnership agreement with Nobles Properties, the leader in real estate development company based in Dubai.
The deal was signed by Chairman of Qatar First Investment Bank, Abdulla Al Marri and Founding Chairman of Nobles Properties, Mr. Omar Ayesh.
The parties agreed to enter into a strategic partnership that will focus on studying and evaluating real estate development opportunities within the MENA region. The company will be looking into investing in all types of developments including residential, commercial and retail properties. Qatar First Investment Bank will be represented on the board of Nobles Properties.
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 with an authorised capital of QAR 3.65 billion ( US$ 1billion) and a paid up capital of QAR 1.6 billion (US$ 430million). Qatar First Investment Bank aims to become one of the leading financial institutions in Shari’ah compliant investment banking in Qatar and the GCC.
Nobles Properties is a newly established real estate development company and one of the largest premium developers of residential and commercial properties in the United Arab Emirates and the region at large. The founding Chairman of Nobles, Mr. Omar Ayesh is also the founder of Tameer – one of the leading real estate developers in the region. His extensive knowledge and experience within the regional real estate industry has earned him several awards including “CEO of the Year 2007” in the Property Development category, Ernst & Young’s “Middle East Entrepreneur of the Year 2007” and most recently Mr. Ayesh was granted the prestigious Mohammed Bin Rashid Al-Maktoum Business Award in 2007. Under his leadership, Nobles Properties aims to become a significant player in real estate development in the MENA region.
Chairman of Qatar First Investment Bank, Abdulla Al Marri said “This is a great opportunity for Qatar First Investment Bank. In spite of the current global financial crisis, we feel it is an opportune time to invest in real estate development projects. Our partnership with Nobles Properties will generate unique investment opportunities for our discerning clientele as Nobles’ business plan is built on the basis of sound fundamental economic factors in the MENA region, supported by favourable demographics and strong earnings driven by energy and commodity export prices.”
Chairman of Nobles Properties Mr. Omar Ayesh said “We are delighted to have Qatar First Investment Bank as a business partner. We take great care in forming partnerships and only select highly professional, reputable and credible companies to work with to ensure mutual success.”
The partnership between Qatar First Investment Bank and Nobles Properties comes at an opportune time as Nobles currently has a strong pipeline of promising real estate development deals, under study and evaluation. It aims to develop a balanced portfolio of proper developments in the established and emerging markets around the MENA region