DOHA: Qatar First Investment Bank (QFIB) announced the acquisition of a majority stake in Al Wasita Emirates for Services & Catering (WES), the UAE-based total support services management firm.
The acquisition, in the form of a management buyout, marks QFIB’s third deal in the industrial sector and reaffirms the bank’s investment strategy which focuses on sectorial and geographic diversification.
The acquisition makes WES the first Shariah compliant service management company in the UAE.
Abdulla bin Fahad bin Ghorab Al Marri, QFIB Chairman, said: “This is our fourth venture in the UAE market. We are pleased to add Al Wasita Emirates to our portfolio of companies. As the Mena region continues its rapid development, without any doubt there will be a huge demand for the type of services Al Wasita Emirates offers”.
Emad Mansour, CEO of QFIB said, “Al Wasita Emirates has a unique business model with positive growth prospects. Over the years it has managed to significantly grow its share in the UAE market by offering a suite of support services targeting a range of sectors. Our aim is to drive the growth of the company and increase its geographical reach by leveraging on our network of contacts in the Mena region and Turkey.”
Raed Yaghanm, CEO of Al Wasita Emirates, said:“We are pleased to welcome QFIB as an equity partner and are proud of the fact that we are now the first Shari’ah compliant service management company in the UAE and probably in the region. Our partnership with QFIB has come at an opportune time as the MENA region enters into a new phase of development.
“With more projects emerging in neighboring countries there is a definite need for qualified and experienced total support providers. We are confident that with the guidance of our chairman and QFIB’s support we will be able to expand WES’s footprint in the region and contribute to the further success of the Al Wasita Brand.”