18th April  2012 (Doha, QATAR) - QFIB the Shariah compliant independent bank in Qatar authorized by QFCRA  announces today the exit of its entire stake in Qcon for dollars77 USD, 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's 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."

About QFIB
Qatar First Investment Bank (QFIB) is a pioneering Islamic investment bank well positioned to work across the broader GCC and MENA region.   QFIB is unique in Qatar, simultaneously independent and central to the market, providing clients and counterparties with access to one of the region's deepest pools of capital. Adopting an investment strategy that centres on sector and geographical diversification, QFIB focuses on sectors that benefit from key drivers of economic change; these include the energy, financial services, industrials, real estate and health care services. Since inception in 2009, QFIB has executed a number of transactions in five different sectors across three geographies.

QFIB offers Principle Investments, Asset Management and Corporate Finance Advisory services.  Relationships drive QFIB's dynamic business strategy; the leadership team has an entrepreneurial outlook that encourages innovation and creativity in meeting client needs. The Bank's medium to long-term view ensures clients can benefit from the leadership's insight and connections.

QFIB operates to the highest of international business regulatory standards and corporate governance.  The first independent Shari'ah compliant investment bank is licensed by the Qatar Financial Centre Regulatory Authority (QFCRA) and is ISO 27001 certified.

About Tebyan Asset Management
Tebyan Asset Management is a total solutions investment provider that combines both asset and wealth management to serve the needs of the growing islamic investment community. Tebyan AM is head quartered in Qatar and is expected to get its license from the QFCRA by Q1 2012.  TAM enjoys its own Shari'ah board chaired by Dr. xxxx which will also oversee the Tebyan CHIME Opportunities Fund.

Media Contact:    
Samar Atassi
Head of Corporate Communications
Qatar First Investment Bank
Direct: +974 448 3355
Fax   +974 444 3560
Email: samar.atassi@qfib.com.qa
P.O. Box 28028 Doha, Qatar

© Press Release 2012