Arab Today, arab today qinvest revenue up 40 in 2013
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

QInvest revenue up 40% in 2013

Arab Today, arab today

Arab Today, arab today QInvest revenue up 40% in 2013

Doha - QNA

QInvest Tuesday announced 40% increase in its revenue, a reduction in costs of nearly 30%, and an increase of US$ 60 Million in net profit in 2013. Announcing the financial results, the investment bank and Qatar’s key Islamic financial institution, today said, “The balance sheet risk was significantly reduced with collection of outstanding receivables and reduction of foreign currency exposure.” Commenting on the results, QInvest Chairman HE Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, “The results show our new strategy has successfully positioned QInvest to support Qatar and the wider region’s international investment plans as well as to act as the gateway for investors looking to access the region’s fast growing dynamic economy.” QInvest CEO Tamim Hamad Al Kawari said, “Despite ongoing challenges in global markets throughout the year, we delivered strong results after re-positioning the business to focus on the most lucrative areas. “We successfully captured new and important mandates, and strengthened ties with existing clients. Our revised capital deployment has effectively sourced and executed, both compelling and secured investment opportunities, that we are confident will perform well in the years to come.” In 2013 the investment bank closed some of the largest transactions globally like the Government of Turkey and Ooredoo sukuk issues. QInvest advised on US$ 3.5 Billion of sukuk transactions in 2013, representing 20% of global sukuk issued in US dollars. The banks asset management team reported its best year to date with returns of up to 30% net of fees coming from a range of Sharia’a investments funds focused on developed markets. The bank attributed its good performance to its restructuring in 2013, increased co-operation with its largest shareholder, Qatar Islamic Bank (QIB) and its subsidiaries.

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