QFIB plans ‘Wasita’ growth to develop regional footprint
Monday , 11 March 2013
Qatar First Investment Bank (QFIB), which recently acquired 85% stake in Abu Dhabi-based Al Wasita Emirates for Services and Catering, is bringing the “Wasita” brand to Qatar to offer catering, facilities management, supply and logistics as well as other property services. “The launch of Wasita Qatar comes as a first step in our strategic plan to develop the Wasita regional footprint,” QFIB chairman Abdulla bin Fahad bin Ghorab al-Marri said. Qatar’s booming economy and the projects planned as the country gears up to host the 2022 FIFA World Cup will no doubt increase demand for world-class total support services companies, he said. The move from the Shariah-compliant investment bank based at the Qatar Financial Centre comes in the backdrop of a recent Alpen Capital report, which said Qatar’s hospitality market is expected to grow annually at 13.6%. The brand will operate legally under the umbrella of Isnad for Catering and Services, which is 75% owned by QFIB, 15% by Yaghnam International (management and founders of the Wasita brand) and the remaining 10% by Qatar-based Al Khor and Dakira (AKD) Schemes and Services Company Highlighting that Wasita Qatar will follow the same business model as that of Wasita Emirates, al-Marri said it will provide a range of support services, and residential villages for labour, staff, and workforces on BOO (Build, Operate, Own) and BOT (Build, Operate, Transfer) basis to a range of sectors including oil and gas, military, healthcare, education, and construction. “Bringing the Wasita brand to Qatar is a testament of our ability to acquire and take companies cross borders. Our strategy is to develop Wasita into a regional player as the demand for support services continues to grow across the GCC (Gulf Co-operation Council),” according to Emad Mansour, CEO of QFIB. Terming the launch of the Wasita brand in Qatar as the first step of its regional expansion, Raed Yaghnam, Group CEO and head of Qatari operations, said: “We are confident that with QFIB’s solid experience and extensive network of relationships and AKD’s local input, coupled with Wasita’s sector expertise, we will be able to capture a large market share in Qatar.”