The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the QFC, and UBS Asset Management are soon establishing a green sustainable private market initiative with an initial seed capital of $500mn.
In this regard, both the parties have signed a letter of intent (LoI), which envisages that they would make investments in the energy storage, eco-transport, food security and environmentally sustainable technology venture capital sectors.
Through this, both the parties intend to develop a joint vision with an aim to establish 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 $500mn 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.
"The QFCA 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 Qatar,” said Yousuf Mohamed al-Jaida, chief executive officer of QFCA.
Suni Harford, president of Asset Management and UBS Group Executive Board Lead for Sustainability and Impact, said as a leading global financial services provider, it has 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,” she said.
Through this, both the parties intend to develop a joint vision with an aim to establish 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 $500mn 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.
"The QFCA 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 Qatar,” said Yousuf Mohamed al-Jaida, chief executive officer of QFCA.
Suni Harford, president of Asset Management and UBS Group Executive Board Lead for Sustainability and Impact, said as a leading global financial services provider, it has 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,” she said.
