Qatar First Bank (QFB) announced on the 21st June 2022 that it will provide financing to a Qatari consortium of investors that aims to acquire a 10.8% stake in Ennismore by providing Shariah compliant financing of EUR20 million (US$20.42 million). Ennismore is a large lifestyle hospitality company majority-owned by Accor, an international hospitality conglomerate. According to statements, Accor owns 66.67% of the shareholding of Ennismore, with the remaining 33.33% owned by Sharan Pasricha.
Accor commented on the deal stating that: “Ennismore has delivered a high-growth performance opening a new hotel every two weeks, expanding its collection of brands in new regions”. The transaction is subject to a number of conditions, including, among others, obtaining the required regulatory approvals, and is expected to complete by the end of 2022.
CEO of QFB Abdulrahman Totonji commented that: “The time is ripe for a bold move into the international hospitality and tourism market that will further cement Qatar’s strategic place as a key player in this important sector. With the global tourism and lifestyle recovery on track, we are pleased to finance a consortium of Qatari investors, who seek to capture a share of the international market and guarantee more diversification.”
QFB has also expanded its real estate portfolio in the US by its recent acquisition of the Gateway Plaza building in Virginia, a Class AA asset with a total area of 330,000 square feet. This acquisition is QFB’s 11th real estate property in the US, and its 14th Shariah compliant investment under the bank’s Shariah investment strategy.
QIIB and Qatar Islamic Insurance Company (QIIC) have announced the signing of an MoU with multiple Moroccan firms aiming to establish a Takaful insurance firm in Morocco to carry out a number of Takaful insurance activities, under the name of Takaful Insurance Company. The key players involved are Atlanta Insurance Company, Moroccan Tourism and Real Estate Loan Bank, QIIB and QIIC.
Qatar Islamic Bank (QIB) was recognized by the Middle East Economic Digest MENA Banking Excellence Awards 2022 by receiving four awards for its digital and retail banking services. QIB was awarded best retail bank in Qatar, MENA retail bank of the year, best application for customer experience in the MENA region and excellence in mobile banking in the MENA region.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].