QInvest chairman says 2013 was a turning point for bank
Qatars QInvest has posted a 40 per cent increase in revenue last year and a $60m increase in net profit.
The banks increase in profits is seen as a result of QInvests new strategy announced in October last year, which saw Qinvest narrow its focus to three key sectors.
These areas are investment banking, principle investments and asset management.
Chairman of QInvest, Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, said that 2013 was a turning point for the bank.
QInvest cut costs by 30 per cent last year and made significant capital deployment across financing and real estate transactions, it said in a statement.
It has been particularly active in the sukuk (lslamic bond) market. The bank has worked on a $1.25bn sovereign sukuk for the government of Turkey in 2013, as well as Qatari telecoms firm Ooredoos first $1.25bn sukuk issuance, which closed in early December.
The bank is aiming to grow further in 2014 by providing Islamic finance and acting as a gateway for international investors looking to access liquidity in the region.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.