Newly-Formed ‘QD SBG Group’ Wll Establish Two Special-Purpose Companies To Enhance Qatar’s Construction And Industrial Sectors
1 March 2010 (Doha, Qatar)- QATARI DIAR Real Estate Investment Company, an international leader in sustainable development, and the Saudi Binladin Group Company Limited (SBG), the renowned multinational construction conglomerate, signed today a highly significant Shareholders’ Agreement to establish the “QD SBG Group.” This agreement, signed at a ceremony held in the Ritz Carlton Hotel in Doha today, marks the Saudi Binladin Group’s first business venture in the State of Qatar.
The QD SBG Group will be a joint venture with an equal partnership between QATARI DIAR and SBG, and will establish two special-purpose companies in the State of Qatar: a construction company and an industrial services company.
Mr. Ghanim bin Saad al-Saad, QATARI DIAR’s CEO and Managing Director, commented: “We are honored to be partnering with the Saudi Binladin Group, the internationally-renowned construction conglomerate, here in Qatar. We are excited that SBG will enter Qatar and be part of its growth. Today’s agreement promises a long-lasting and fruitful relationship between our two companies, and I look forward to working closely with our Saudi partners for years to come.”
Sheikh Mohammed Mohammed Binladin, representing the Saudi Binladin Group, said, “We are very excited to have the opportunity to work in the State of Qatar with Qatari Diar. Qatar’s vision and ambition as a nation are truly inspiring, and we are eager to be part of the country’s further development.”
Under the QD SBG Group name, QATARI DIAR and the Saudi Binladin Group also signed today two additional shareholders’ agreements with Barwa Real Estate Company QSC and The First Investor Company QSCC to establish the aforementioned construction and industrial services companies.
A Shareholders’ Agreement for a company dedicated to providing construction services in the State of Qatar was signed by the QD SBG Group, SBG, Barwa Real Estate Company QSC, represented by its Group Chief Executive Officer Mr. Yousif Rashid Al Khater, and The First Investor QSCC, represented by Mr. Mohamed Abdul Aziz Al Saad, Board Member of TFI and Deputy CEO of Barwa Real Estate.
QD SBG Group, SBG, Barwa and The First Investor were also joined by the Construction Products International Company (CPC) in signing a Shareholders’ Agreement to establish an industrial company that will supply construction and building materials in the State of Qatar. Sheikh Mohammed Mohammed Binladin also represented CPC at the signing ceremony.
Mr. Mohamed Abdul Aziz Al Saad, Board Member of TFI and Deputy CEO of Barwa Real Estate, commented, “As one of the leading Qatari-based investment banking firms, TFI is proud to help spearhead this important initiative that will provide exciting new opportunities for the construction and industrial sectors in Qatar. The impressive quality of these agreements is reflective of TFI’s continued dedication to providing high-quality financial services compliant with Shari’a Islamic Law.”
The Jeddah-based Saudi Binladin Group is a leading multinational construction conglomerate and holding company with representation throughout the Kingdom of Saudi Arabia, and in a number of capital cities throughout the Middle East and Gulf region.
The First Investor QSCC, regulated by Qatar Central Bank, is the largest closed shareholding Qatari investment banking firm in Qatar.
Barwa was established in 2005 and listed on the Doha Securities Exchange (DSM) in 2006 and is one of the premier organizations in the State of Qatar.
CPC is a member of the Saudi Binladin Group, and considered the extended industrial arm of SBG. The company's mission is to provide the highest standard in the field of contracting and construction throughout the Middle East.
Launched in 2005, QATARI DIAR is wholly-owned by the Qatar Investment Authority and currently has more than 35 real estate development projects active in more than 20 countries around the world.
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About Qatari Diar Real Estate Investment Company:
Wholly owned by the Qatar Investment Authority, QATARI DIAR Real Estate Investment Company was established in December 2004 to support Qatar’s growing economy and to co-ordinate the country’s real estate development priorities. Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world, including Qatar, France, Morocco, Oman, and Egypt.
Qatari Diar is becoming established as one of the world’s most trusted and respected real estate companies because of its commitment to quality, local community, partnership and hallmark sustainability.
Qatari Diar’s hallmark vision of sustainable development places community and local traditions at the forefront. The Company aims to create and manage property investments and developments which not only comply with the best international standards, but which also strongly reflect local culture and values. As a result, Qatari Diar’s projects deliver a distinctive and sustainable social, economic and environmental benefit to the community. In addition, Qatari Diar often enables local and international developers and investors to partner in its projects, and to work together in exploring other opportunities, both locally and internationally.
Barwa is one of the premier organizations in the State of Qatar. As the name "Barwa" or "Contractual Commitment" suggests, we are inspired by our vision of a glowing future for Qatar.
With business interests in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utility, knowledge & communications and agriculture, Barwa is driven by the conviction that people deserve a comfortable living and working environment.
With extensive operations in Qatar and around the world, we believe that every Barwa project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.
About The First Investor:
The First Investor Q.S.C.C. (TFI), regulated by Qatar Central Bank, is the largest closed shareholding Qatari investment banking firm in Qatar. In 2006, TFI embarked on a path to reach the forefront of the leading investment banking firms. TFI is wholly owned subsidiary of Barwa Bank.
The core activity of TFI is providing key financial services and solutions to its clients while ensuring compliance with Shari’a laws. The First Investor have developed specialized services that are provided by its three business units which include: Investment banking, Real Estate Investments and Asset Management, with a variety of solutions that meet and exceed clients’ requirements.