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QIB plans $1bn private equity fund

By Agencies

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)