QFIB eyes Saudi Arabian private wealth

  • Share via facebook
  • Tweet this
  • Bookmark and Share
TAPPING OPPORTUNITIES: Qatar First Investment Bank plans to expand its offices to Saudi Arabia by the end of 2010 as it looks to tap into opportunities in the Kingdom. (Getty Images)

TAPPING OPPORTUNITIES: Qatar First Investment Bank plans to expand its offices to Saudi Arabia by the end of 2010 as it looks to tap into opportunities in the Kingdom. (Getty Images)

Qatar First Investment Bank, founded in 2008 with $1 billion of capital, plans to open an office in Saudi Arabia by the end of this year as it seeks to tap opportunities in the Arab world’s largest economy.

In an interview in Riyadh, Emad Mansour, deputy chief executive officer of the Doha based bank said: “We think there are a lot of good deals to be had in the Saudi market."

He added: “Any serious player in the region needs a Saudi angle, whether for investing in Saudi or raising funds from Saudis.”

Saudi Arabia, the world’s largest oil supplier, is attracting international investors seeking business opportunities as the economy expands with higher oil prices. Carlyle Group and Deutsche Bank AG have announced Saudi investments this year.

QFIB, a Shariah compliant investment bank, will focus on deals in Saudi energy, financial services, healthcare, industry and real estate, Mansour said.

The bank will seek regulatory approval from the Capital Market Authority to provide advisory and management services in the kingdom.1

Carlyle Group, the world’s second largest private equity firm, said last month it bought a 30 percent stake in Saudi Arabia’s General Lighting Co.

Deutsche Bank AG formed this month a $110 million Shariah compliant mortgage venture in the kingdom with a group of Saudi based investors led by Fahad Abdullah Abdulaziz Al Rajhi.

Mansour said: “Saudi Arabia is the biggest economy in the region."

He added: “There is a lot of private wealth in Saudi Arabia, but it is not always flaunted. But for good deals, it comes out.”

QFIB acquired a 41 percent stake in Qatar Engineering and Construction Co and 71 percent of Emirates National Factory for Plastic Industries in 2009.

It is also targeting investments in Iraq’s northern Kurdish region, Mansour said in an interview on Jan 5.

Mansour said: “We are looking at very good healthy deal flow these days."

He added that this year “should be slightly better than 2009.”

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearingTerms and conditions

Further reading

Features & Analysis

What the great economy of China means for MENA

Boosting economic ties with China is becoming increasingly important...

DP World, the most profitable arm of the Dubai World group of companies, was ringfenced from its parent’s restructuring.

Will insolvency proceedings leave Drydocks World high and dry?

Drydocks World’s move to file for insolvency protection could...

decouples the sector from more conventional pricing.
Global sukuk issuance exceeded $85bn last year, more than 90 percent higher than the previous year.

Financing on faith: The rise of Islamic finance

Despite issues over regulations, and the relatively small size...

Most Discussed
  • 38
    Saudi Arabia bans use of Western calendar

    Given that the start of the new month is determined by the moon sighting, isn't this going to make organising meetings for the following month a bit tricky... more

    Thursday, 24 May 2012 1:24 PM - Mark Renton
  • 25
    Nakheel targets 'young and trendy' for Palm project

    Palm Jumeirah = Disneyland. Is this the kind of community to invest in for a home ???? or a hotel ? It baffles me why people would invest in an apartment... more

    Wednesday, 23 May 2012 4:13 PM - Paul
  • 19
    Iran eyes Google legal action over Gulf naming

    Instead of clinging to anything that reminisces you of your obliterated past, why don't you spend sometime fixing your disgraceful and humiliating present... more

    Tuesday, 22 May 2012 9:30 PM - Fahd
  • 15
    UAE officials warn against marrying foreigners

    I often live with embarrassment, with respect to foreign nationals, by being a “crude American.” I want to marry a man in the Islamic world because one... more

    Friday, 25 May 2012 10:20 AM - Rouillie Wilkerson
  • 14
    Developer secures funds for Dubai theme park

    Let's see what will happen and if this project will go ahead. Only time will show. What happens to the other projects? not much is going on? Are investors... more

    Monday, 21 May 2012 11:49 AM - Greg