Qatar First Bank (QFB) has acquired a 49% stake in Food Services Company (FSC), which operates a 16-branch network across the

country.
The country-wide FSC network of five leading brands includes Opera Patisserie, Opera Café, Opera Catering, Take Away and Kanafji.
The acquisition marks QFB’s second investment in the food and beverages sector and the fourth in the Qatari market demonstrating

QFB’s dedication to sectoral and geographical diversification.
Ahmad Meshari, QFB acting CEO said, “From the outset, our investment strategy focuses on sectors that are expected to benefit

from macroeconomic growth. The F&B sector in the Qatar is projected to maintain its historical growth driven by robust

macroeconomic fundamentals and population growth. We look forward to working with FSC and assisting them in implementing their

ambitious expansion plan.”
Ihab Asali, head, QFB’s Private Equity Department said, “We are pleased to be partnering with FSC, which has a proven track

record of growth and innovation. We believe that FSC is well positioned to capitalise on the future growth expected to take

place.”
Established in 1997 in Doha by Qais al-Saleh, FSC is one of the first home-grown and branded F&B concepts that still exist today.
Al-Saleh said, “We are very pleased to welcome QFB as a shareholder in FSC. We are confident that QFB will be able to unlock

value, streamline operations and be a catalyst of future growth”
Mubarak al-Groon, FSC founder, partner and general manager of FSC said, “We are very proud of the historical growth that FSC has

been able to achieve. Furthermore, FSC will leverage upon its leading market position to further roll-out new branches of its

various brands across Qatar.”
Deloitte acted as the exclusive sell side financial adviser to the deal.
The F&B sector is experiencing rapid growth in the Mena region in general and Qatar in specific driven by growth in population

and disposable income.
Qatar’s food consumption increased at a CAGR of 8.8% between 2004 and 2010, having the highest rate among GCC countries.

Furthermore, Qatar’s population is expected to grow at a CAGR of 4% between 2012 and 2017, the highest among GCC countries.