 |
| |
Collaboration Of Qfc And Ubs Accelerates Innovative Private Markets Initiative | |
| Staff Writer |
Qatar Financial Centre Authority, the legal and tax arm of the Qatar Financial Centre (“QFC”), a leading onshore financial and business center in the region, and UBS Asset Management today announced that they have signed a Letter of Intent (“LOI”) to collaborate on the establishment of a Green sustainable private markets initiative that will focus on making investments in the energy storage, eco-transport, food security, and environmentally sustainable technology venture capital sectors.
 |
Under the terms of the LOI, the Parties aim for the initiative to be incorporated in, and primarily managed from, Qatar. The initial seed investment of up to USD 500 million in the first stage is expected to increase in subsequent stages of development by attracting additional investors including banks, venture capital firms, pension funds, endowments and foundations, high net worth individuals and other agreed investors.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said: “Qatar Financial Centre Authority is pleased to sign this LOI with UBS Asset Management and is excited not only about the environmentally sustainable initiatives that will ensue from this strategic collaboration but also because the Parties’ ambition is for an agreed percentage of the returns generated by the initiative to be invested into developing and growing the financial services ecosystem in Qatar including by attracting other financial services firms to establish themselves in, and operate from, the State of Qatar.”
Suni Harford, President of Asset Management and UBS Group Executive Board Lead for Sustainability and Impact, said: “As a leading global financial services provider, we have a pivotal role to play in the mobilization of capital to support the orderly transition to a low-carbon economy. We are excited to collaborate on this ground-breaking initiative, leveraging our innovative sustainable investing and private markets capabilities to further the expansion of this important sector in the region.”