Oct 19 2009
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Qatar First Investment Bank acquires a 41% stake in QCon
Qatar First Investment Bank (QFIB) has announced that is 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.
Chairman of Qatar First Investment Bank , Abdulla 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.
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
Qatar First Investment Bank (QFIB) is a fully Shari'ah compliant investment bank based in Qatar. It is the first independent Islamic investment bank to be authorized by the Qatar Financial Centre Regulatory Authority .
Qatar First Investment Bank will work to bring new ideas to the business community in Qatar and the GCC region supported by a unique business model in Islamic investment banking. QFIB has been established to capitalize on opportunities created by the rapidly expanding economies of Qatar and the GCC, which have stimulated significant growth and created opportunities for investment banking, particularly for Islamic based products and services.
With over 1,000 investors from Qatar and the GCC, Qatar First Investment Bank has a solid shareholder base made up of prominent individuals as well as institutional investors. These include financial institutions and banks, governments, pension funds and other strategic investors.
Qatar First Investment Bank has an authorized capital of QAR 3.65 billion (US$ 1 billion) and a paid up capital of QAR 1.6 billion (US$ 430 million).
Qatar First Investment Bank has a clear, dynamic and focused strategy and operates to the highest regulatory standards. It aims to become one of the leading financial institutions in Islamic investment banking in Qatar and the GCC.
The bank is managed by a select team of multinational investment professionals, with extensive experience working in the GCC and global financial sectors.
Qatar First Investment Bank will offer private equity, strategic investments, asset management and investment banking services.
For further information please contact:
Head of Corporate Communications
Qatar First Investment Bank
Tel: +974 448 3333
© Press Release 2009
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