Doha – Qatar: Qatar Financial Centre Authority, the legal and tax arm of the Qatar Financial Centre (“QFC”), a leading onshore financial and business centre 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, it is envisaged, will make investments in the energy storage, eco-transport, food security and environmentally sustainable technology venture capital sectors.
The Parties intend to develop a joint vision for the initiative with the aim of establishing Qatar as a centre for environmentally sustainable investments, further developing an important sector within the country’s financial ecosystem.
Under the terms of the LOI, the Parties intend for the initiative to be incorporated in, and primarily managed from, Qatar with an initial seed investment of up to USD 500 million in the first stage, increasing 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.
Commenting on the LOI, 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 mobilisation 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.”
ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100 per cent foreign ownership, 100 per cent repatriation of profits, and charges a competitive rate of 10 per cent corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.
UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 29% in Switzerland, 20% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).