Doha, June 21 (QNA) - Qatar First Bank LLC (Public) (QFB) announced that it will finance a Qatari consortium of investors that aims to participate in the acquisition of a 10.8 percent stake in Ennismore, one of the worlds largest and fastest growing lifestyle hospitality company majority owned by international hospitality conglomerate group, Accor and with the remaining shares held by Sharan Pasricha, founder of Ennismore.
QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro of Sharia-compliant financing. Closing is expected to occur in the second semester of 2022 and is subject to the employee consultation process, customary regulatory authorizations and closing conditions.
The deal comes at a time post pandemic, where lifestyle segments are demonstrating a stronger performance than the overall market.
QFBs CEO commented Abdulrahman Totonji said that "the time is ripe for a bold move into the international hospitality and tourism market that will further cement Qatars strategic place as a key player in this important sector. With the global tourism and lifestyle recovery on track, we are pleased to finance consortium of Qatari investors, who seek to capture a share of the international market and guarantee more diversification." (QNA)
21 June 2022
Qatar First Bank Funds Consortium of Qatari Investors to Acquire 10.8% Stake in Ennismore Group
Economy, Qatar, Banks
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