Ooredoo unveils plans for first Sukuk

Ooredoo QSC has mandated DBS Bank, Deutsche Bank, HSBC, QInvest and QNB Capital to act as joint lead managers and Bookrunners for a proposed US dollar Reg S benchmark Sukuk offering. The offering is expected to be launched, subject to market conditions, following investor roadshows starting 22 November covering Asia, Middle East and Europe.

CORRECTED-Islamic investment banks in Gulf eye slimmed-down future

The financial crisis has changed the focus for Bahraini investment banks away from bumper projects and the preference now is for slimmer balance sheets, according to GFH founder Essam Janahi, who last week stepped down as chairman. GFH has now reduced its liabilities to $223 million, from over $2 billion at the peak of the crisis, and is rolling out a more conservative strategy. Future investments will shy away from aggressive rates of return and favour smaller deals to better manage risk, Janahi said. Even some Islamic investment banks which rode out the global crisis fairly comfortably have streamlined their operations and say they will not spurn relatively small deals. Qatar's QInvest for example has streamlined operations and discontinued areas such as wealth management and brokerage services.

Turkey mandates banks for sukuk issue

Turkey mandated banks for its second sovereign sukuk issue in international markets and will hold a series of investor meetings in the Middle East and Asia. HSBC, QInvest and Standard Chartered have been mandated to explore opportunities for a possible lease certificate issuance in the international capital markets. Turkey has borrowed $4.2 billion from international capital markets so far this year and plans to borrow a total of up to $6.5 billion through a mix of Eurobond, Samurai and sukuk issues by the end of the year.

Bank tie-up collapses in Egypt

A joint venture deal between Middle East’s EFG-Hermes and Qatar’s QInvest has failed because the Egyptian Financial Supervisory Authority did not approve it in time. Under the terms of the deal, QInvest would have injected $250m into a joint venture banking business, and owned 60 per cent. Businessmen in Egypt have complained that, since the 2011 revolution officials have shied away from making big decisions because of fears over possible allegations of corruption. Analysts had also speculated that the failure of the regulator to approve the deal might be linked to the trial of the two chief executives of EFG-Hermes, alongside the two sons of the former president, over profits from the 2007 sale of El Watany Bank of Egypt. However, EFG-Hermes has said in the past that it did not believe the case had anything to do with the delay in approving the joint venture.

EFG, QInvest merger deal awaiting Egyptian regulator's nod

Egypt-based investment bank EFG Hermes has said its merger deal with Qatari investment company QInvest is to lapse on May 3, unless it receives long-awaited approval from Egyptian regulators. If EFG does not receive a 'no objection' from the Egyptian Financial Supervisory Authority in the coming days, it will be difficult to implement the joint venture agreement. A spokesman for the authority said the deal was still being studied and that a decision would be announced at the right time, declining to give any details or time frame.

QInvest to launch 'at least' 30 Islamic funds by 2016

QInvest has revealed plans to launch at least 30 Islamic funds over the next three years on a managed account platform which it introduced this week. QInvest hopes to attract an investor base beyond the Gulf through its Cayman-domiciled funds. Four Islamic funds already exist on QInvest's platform which focus on international equities. All of the funds are actively managed and the focus is on delivering strong returns over the mid- to long term, without focusing on a specific benchmark, according to Ataf Ahmed, head of investment solutions at QInvest Wealth Management.

EFG-Hermes Takeover by QInvest Mired in Delays as Deadline Nears

The takeover of EFG-Hermes Holding SAE (HRHO), Egypt’s biggest investment bank, by Qatar’s QInvest LLC is mired in delays almost a year after the transaction was agreed. The deal is set to expire on May 4 unless it receives a so- called no objection from Egypt’s regulator on the transfer of its assets to Qatar. The terms of the deal include a four Egyptian pound per share dividend once it is complete. However, EFG-Hermes’s co-chief executives are defendents on charges of illicit gains. Therefore, it is expected that the deal will not go through before the lawsuit is finalized.

QInvest Launches the World's First Open Architecture Sharia'a Compliant Managed Account Platform, QMAP

Qatar's QInvest announced the launch of the QInvest Managed Account Platform (QMAP). QMAP is the world's first open architecture Sharia'a compliant managed account platform. It provides investors with the opportunity to select from a range of funds that are managed by professional teams. At QInvest 's Annual General Assembly, H.E. Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani, QInvest 's Chairman, informed shareholders about the launch of the account platform that allows shareholders and investors to invest in asset classes such as mutual funds and hedge funds, managed by globally recognized investment managers.

EFG-Hermes Says QInvest Takeover Delayed by Regulators

EFG-Hermes Holding SAE (HRHO) said its sale to Qatar’s QInvest LLC has been delayed because of regulatory approvals. This is because the Egyptian Financial Supervisory Authority hasn’t yet approved the transfer of EFG-Hermes’ Egyptian assets to the new, Qatari-based entity. QInvest will invest $250 million in the venture, with the option to buy total ownership.

Five senior QInvest managers leave after CEO quits

Five senior members of QInvest have been replaced in order to increase effectiveness and efficiency while maintaining the bank’s strategic direction which is now concentrated on the joint venture with Egypt’s EFG-Hermes.

Turkish refiner secures USD 200 million GCC funding

According to a report by Trade Arabia, Türkiye Petrol Rafinerileri has signed a 1-year facility worth USD 200 million with a group of nine banks from the Gulf region. The sole bookrunner and structuring advisor to Tüpra? was QInvest. Lead arrangers of the deal were Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank. The rest of the banks involved in the facility are Qatar Islamic Bank, Barwa Bank, The Commercial Bank of Qatar and First Gulf Bank.

Turkey's Tupras signs $200 mln loan with Gulf banks

Turkish oil refiner Tupras signed a one-year loan of $200 million with nine GCC banks. The deal was arranges by Qatar's QInvest. Further information on the purpose and pricing of the facility was not given. The loan was joined by Barwa Bank, Commercial Bank of Qatar, First Gulf Bank, Qatar Islamic Bank , Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank. Citigroup Inc and Deutsche Bank were mandated by Tupras to arrange a series of investor meetings concerning a potential bond issue.

Read more on: http://uk.reuters.com/article/2012/10/21/turkey-tupras-loan-idUKL5E8LL05...

Turkish refiner secures $200m GCC funding

Turkish refining company Türkiye Petrol Rafinerileri (Tüpra?) has signed a $200 million, one-year facility with a group of nine banks from the GCC region. The sole bookrunner and structuring advisor was Qatari investment bank QInvest. The list of GCC banks includes Qatar Islamic Bank, Barwa Bank, The Commercial Bank of Qatar and First Gulf Bank. The lead arrangers of the deal are Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank.

Read more on: http://www.tradearabia.com/news/OGN_224297.html

EFG to sell QInvest joint venture stake next year, Arqaam says

According to Arqaam Capital Ltd, EFG-Hermes Holding SAE plans to sell its 40% stake in 2013 in the investment bank it is forming with QInvest. Thus, it will turn into a holding company. EFG-Hermes' assets will be held in Lebanese unit Credit Libanais SAL and in a private equity unit managing $980 million (Dh3.6 billion).

Read more on: http://gulfnews.com/business/markets/efg-to-sell-qinvest-joint-venture-s...

Qatar's Barwa Bank eyeing potential Doha IPO: CEO

Qatari-based Barwa Bank considers an initial public offering on the Doha stock exchange. The IPO adviser is QInvest, a local investment bank controlled by Qatar Islamic Bank.

See more under: http://www.reuters.com/article/2012/10/01/us-idUSBRE8900A420121001

Qatar Islamic Bank plans 5-yr benchmark sukuk; pricing this week

Qatar Islamic Bank (QIB) which is the largest sharia-compliant lender in the country, is arranging an issue of a five-year benchmark-sized Islamic bond. The expecting value of the sukuk shall be at least $500 million.

See more under: http://www.reuters.com/article/2012/10/02/qatar-qib-sukuk-idUSL6E8L2BVU2...

QInvest note gets ‘huge response’

QInvest has launched the ‘Qatar Equity Protected Note’ that aspires to copy the movements of the most liquid Shariah compliant equities with full capital protection.
The note provides exposure to a basket of the most liquid and ‘investable’ Shariah-compliant securities listed on the Qatar Exchange.

GFH stays in the red

Gulf Finance House is on a questionable way of rise and fall because of its overextension with ambitious real estate adventures before the collapse of the world economy in 2008.
The $11.2m second quarter loss seems to be because of higher finance expenses and exchange rates.
The paring of the bank's losses turned around with a modest profit of $700,000 for the first half of the year with total income rising 27% to $32.8m on the back of asset sell-offs, including exits from investments in Bahrain Financial Harbor, Qinvest and Saudi Real Estate Company which raised some $300m and the settlement of liabilities.

QInvest mandated for IPOs of two Qatari firms in 2011

QInvest is working to conclude two “reasonable size” mandates for initial public offerings by local companies this year.
The company is still planning to offer its shares to the public as it pursues expansion in the Middle East.

QInvest Acquires Stake In Coaching Firm FIITJEE

Qatar-based investment bank, QInvest has acquired stake in New Delhi-based coaching firm FIITJEE Ltd.
The deal will help FIITJEE to expand its business in Middle East.

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