In line with its commitment to sector diversification , Qatar First Investment Bank (QFIB) , the first independent Sharia’h compliant investment bank authorized by the QFC Regulatory Authority (QFCRA), announced the launch of “Wasita” in Qatar.
Following the acquisition of 85% stake in the Abu Dhabi based support services management firm, Al Wasita Emirates for Services & Catering, QFIB is bringing the Wasita brand to Qatar. The brand will operate legally under the umbrella of Isnad for Catering & services which is 75% owned by QFIB, 15% is owned by Yaghnam International (management and founders of the Wasita brand) and the remaining 10% owned by Qatar based Al Khor & Dakira Schemes & Services Company (AKD). Wasita Qatar will offer a suite of services including quality catering, facilities management, supply & logistics, cleaning & laundry, as well as & property services.
Abdulla bin Fahad bin Ghorab Al Marri, Chairman, QFIB, commented, “The launch of Wasita Qatar comes as a first step in our strategic plan to develop Wasita regional foot print. Qatar’s booming economy and the projects planned as the country gears up to host the 2022 FiFA World Cup will no doubt increase demand for world class total support services companies. ”
Wasita Qatar will follow the same business model as Wasita Emirates. It will provide a range of support services, and residential villages for labor, staff, and workforces on a BOO (Build, Operate, Own), BOT (Build, Operate, Transfer) basis to a range of sectors including oil and gas, military, healthcare, education, and construction. Wasita Qatar will be led by Raed Yaghnam, Group CEO.
Emad Mansour, CEO of QFIB added, “Bringing the Wasita brand to Qatar is a testament of our ability to acquire and take companies cross borders. Our strategy is to develop Wasita into a regional player as the demand for support services continues to grow across the GCC.”
Raed commented, “The launch of the Wasita brand in Qatar is the first step of our regional expansion. We are confident that with QFIB’s solid experience and extensive network of relationships and Al Khor and Dakira’s local input, coupled with Wasita’s sector expertise, we will be able to capture a large market share in Qatar. We are looking forward to capitalize on the Wasita brand for what it represents as being a leading and trusted total support services provider.”
According to Aspen Capital’s report on the GCC Hospitality Industry (October 2012), Qatar’s hospitality market is expected to grow at a CAGR of 13.6 per cent.