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.”

Related:
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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearingTerms and conditions

Further reading

Features & Analysis
Gulf banks sniff opportunities as foreign rivals retrench

Gulf banks sniff opportunities as foreign rivals retrench

Operating income at the 32 largest GCC banks has jumped 74% between...

Signs of M&A revival in Middle East as activity picks up

Signs of M&A revival in Middle East as activity picks up

New hope to global banks which have scaled back regional operations...

Qatar hints at Gulf currency shifts to come

Qatar hints at Gulf currency shifts to come

Central bank governor's statement has struck a new in financial...

1
Most Discussed