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19 April 2012

QFIB Announces Successful Exit of Qatar Engineering & Construction Company (QCon)

QFIB announces today the exit of its entire stake in QCon for USD77 million

QFIB, the Shariah compliant independent bank in Qatar authorized by QFCRA  announces today the exit of its entire stake in QCon for USD77 million, which has been sold to an undisclosed Qatari investor. QCon is the pre-eminent EPC contractor based in Qatar. In 2009, QFIB acquired a 41% stake in QCon as a part of consortium that bought a 100% of Qatar Shipping share in the company.

Emad Mansour, CEO of QFIB commented: “We are delighted to announce the successful exit of QCon. The company’s major growth and achievements over the last few years reflects the success of QFIB’s investment strategy to acquire stakes in leading companies across the MENA region. QFIB has supported QCon’s management team through a difficult trading period, providing hands-on advice and enabling region-wide expansion. This significant exit further validates QFIB’s business model even in challenging economic circumstances. We have proven our vision and capabilities in sourcing great businesses with strong fundamentals and backing good management teams, thus making sound investments and decisive exits. We wish QCon all the best in its future achievements and are happy to have played a major role in its progress.”