QInvest buys into Qatar landscaping group
Doha, January 29, 2012
Qatar’s leading investment bank QInvest said it has acquired a 30.5 per cent stake in a major Doha-based landscaping services group that includes Al Nakheel Agriculture and Trading Company and AG Middle East.
Al Nakheel is a fully-integrated landscaping and Maintenance Company established in Qatar in 1998, AG Middle East, set up in 1976, is a landscape and irrigation services company involved in construction, improvement and maintenance of commercial and governmental properties.
Both the companies specialize in providing landscaping and related maintenance services to governmental, corporate and industrial customers, said the bnak ina statement.
QInest said this was the company's fourth private equity transaction in the Mena region and was consistent with its strategy to partner with established businesses that are in need for growth capital to achieve their expansion objectives.
Al Nakheel's prestigious projects include The Pearl Qatar, Museum of Islamic Art Parks, Qatar Education City Convention Center, Barwa City, Dahlak Island Resort - Eritrea and Sidra Medical Research Canter.
AG Middle East’s prestigious projects include Doha 2006 Asian Games Village Hard & Soft Landscaping Works, Doha Golf Course, Ritz Carlton Hotel and the West Bay Lagoon Landscaping Works.
Commenting on the acquisition, QInvest CEO, Shahzad Shahbaz, said the investment represented the firm’s strategy to diversify its portfolio within the service sector.
'Our partnerships with Qatari organizations represent QInvest’s commitment to contribute to the growth of the private businesses in Qatar and the region aiming to benefit from the strong growth of the Qatari economy and the government’s strategy to expand and diversify the market,” he remarked.
Sheikh Mohammed Bin Fahd Al Thani, the chairman and majority shareholder of the landscaping group, said, 'We are very happy partnering with QInvest and look forward to their support to help us retain our leading position in the market, institutionalize our business and strengthen our operations.'
'We plan on leveraging this relationship to further expand our business and take it to the next level,' he noted.
Anuj Khanna, QInvest’s head of investment management, said: “Both companies have a long and successful track record of serving their customers’ needs and have executed several landmark projects in Qatar.'
'This is our second investment in the outsourced services sector, which is one of our target sectors for investment in Qatar and the region.'
'We believe that Qatar’s strong fundamentals and outlook will benefit the Group as customers undertake major infrastructure and development projects over the next decade,' he added.-TradeArabia News Service