Emad Mansour
Qatar First Investment Bank (QFIB) is eyeing at least five regional equity deals each valued at between $15mn to $60mn and expects to close two to three of those acquisitions this year, its chief executive said.
The investment bank, which announced purchase of a $16mn stake in Kuwait Energy last week, will continue its acquisition spree despite caution in the marketplace that stalled its original plans for $250mn in deals in 2011.
“We have a healthy pipeline of investment deals. We are eyeing deals in Qatar, Turkey, Saudi Arabia and UAE in areas such as healthcare and food processing,” Emad Mansour, QFIB’s chief executive, told Reuters.
On the asset management side, QFIB is moving forward with its plans for the Shariah-compliant asset management firm it is setting up with Dubai-based GulfMena Alternative Investments.
“We have a target date of filing for regulatory approval with (Qatar Financial Centre Regulatory Authority) in mid-August,” he said. “In our experience with the QFC, I don’t think it will take more than two or three months to obtain approval.”
The two firms said last year that they would create a joint asset management firm to tap into rising demand for Islamic investment products.
Mansour said once the joint venture gets a regulatory nod, the company would look to launch its first Islamic mutual fund, aimed at providing exposure to the Chinese, Indian and Middle Eastern markets. Seed money will be provided by QFIB although the initial value of that contribution has yet to be determined.
Mansour projected QFIB revenue growth of 20% in 2011 from $280mn in revenue in 2010. Net income is seen around $30mn this year from $22.8mn last year, he said.
QFIB now plans to exit its investment in Abu Dhabi-based Al Noor Medical through an initial public offering in 2012 as current IPO market remains lacklustre, he said.
Mansour said in February that the company planned to list Al Noor Medical on the Abu Dhabi bourse in May.
QFIB has a 14% stake in Al Noor through a consortium which holds 50%. The consortium had named HSBC and JP Morgan to assist in the process.