Qatar Islamic Bank (QIB) has signed an initial deal with QInvest and Silver Leaf Capital (SLC) to set up a $1 billion (Dh3.7bn) Sharia-compliant private equity fund in the Gulf Arab state, the bank said in a statement.
The Dhow Gulf Opportunities Fund, which aims to attract foreign investors to Qatar and the Gulf region, will be managed by Doha-based Dhow Investors Advisor (DIA), a company jointly owned by QInvest and SLC, it said.
"This is the first large-scale ever private equity fund in Qatar. Our objective is to invest in diverse sectors that will allow technology migration and transfer of know-how to Qatar," QIB's CEO Salah Jaidah said in the statement.
"We already have in the pipeline about $300 million (Dh1.1bn) of investment opportunities that DIA is evaluating. The private equity will contribute in the strong potentiality of growth of local companies in Qatar," he said. (Reuters)
QIB plans $1bn private equity fund