22-06-2022
Qatar First Bank LLC. M. M. (Public) (the “Bank” or “Qatar First Bank”) announced the financing of a consortium of Qatari investors within the framework of a consortium to acquire a 10.8% stake in Ennimsore Group, one of the world’s largest and fastest growing hospitality companies, which is mostly owned by the world-leading Accor Group in Hospitality, while the remaining stakes are owned by Sharan Pasricha, founder of the Ennimsore Group.
The bank will finance the consortium's investment portfolio by providing an amount of 20 million euros of Sharia-compliant financing. It is expected that the closing date will be in the second half of 2022, subject to the completion of consultation procedures with employees and relevant authorities, obtaining the required regulatory approvals and fulfilling the closing conditions.
This deal comes in the post-pandemic phase, where the hospitality and tourism sector has regained its growth and has generally started to achieve stronger performance in all markets.
Commenting on the proposal, Mr. Abdul Rahman Totonji, CEO of Qatar First Bank, said: “The time has come to take a bold step in the international hospitality and tourism market, in an effort to contribute to the consolidation of Qatar's strategic position as a major player in this important sector. As global tourism continues to recover and this sector is back on the right track, we are pleased to take the initiative to fund a consortium of Qatari investors seeking to capture a share of the international market in a move to further diversify.”
Qatar First Bank LLC (Public), is the first independent Shariah-compliant investment bank approved by the Qatar Financial Center Regulatory Authority and listed on the Qatar Stock Exchange under the symbol (QSE-QFBQ).