Qatar bank invests $2.9bn in London property

Islamic investment bank to tap city's role as global financial hub with real estate project.
Qatar bank invests $2.9bn in London property
By John Irish
Tue 11 Dec 2007 02:42 AM

QInvest, a Qatari Islamic investment bank, said on Monday it is helping develop a 1.4 billion pound ($2.86 billion) real estate project in London to tap the city's role as a global financial centre.

The bank, set up in May by Qatar Islamic Bank and Bahrain-based Gulf Finance House, is working with a British company and four Qatari partners, QInvest CEO Abdullatif Almeer told Reuters in Doha.

He would not identify the partners or say more about the project.

QInvest is also considering investing in the US, Almeer said.

"We are looking at it, and forming relationships and partnerships but are at a preliminary stage," he said.

Qatar Islamic Bank, which owns 15% of QInvest, is seeking an operating licence in Britain. (Reuters)

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