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QInvest focuses on business strengths with new CEO
QInvest of Qatar would be focusing on three core businesses, namely investment banking, asset management and capital investments. It would also be working closer with its main shareholder Qatar Islamic Bank. This was confirmed by the company's CEO.
Tamim Al-Kawari was appointed last year after five years under Goldman Sachs. His most recent tenure was as the local managing director and CEO for Qatar for the investment firm. He told Reuters in an interview at the firm's headquarters at Doha, "My experience at Goldman was invaluable and I have brought that with me to QInvest. We are sticking to our core competencies and continue to focus on providing innovative Islamic finance solutions."
According to Al-Kawari, who is a Qatari national, he had undertaken measures to streamline operation and the reduction of QInvest's business lines. The business areas concerning wealth management and brokerage services have been discontinued.
QInvest currently has USD750 million in capital and now focus on businesses that provide capital access to companies within Qatar and the Gulf region. It would also provide Qatari companies in the deployment of their capital interests abroad as well as enter into co-investment agreements in deals such a management buyouts and buy-ins as well as leveraged buy outs.