Qatar First Bank to finance Qatari consortium of Investors for the acquisition of 10.8% stake in Ennismore Group
Doha, Qatar: 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% stake in Ennismore, one of the world’s 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 consortium’s investment vehicle by providing 20 million euro of Shari’a-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.
Mr. Abdulrahman Totonji, QFB’s CEO commented: “The time is ripe for a bold move into the international hospitality and tourism market that will further cement Qatar’s 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.”
Qatar First Bank LLC (Public) is the first independent Shari’a compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).