QFC and UBS Ink Deal to Setup Green Private Markets Initiative
Qatar Financial Centre Authority, the legal and tax arm of the Qatar Financial Centre (“QFC”) and UBS Asset Management have signed a Letter of Intent (“LOI”) to collaborate for establishing a Green sustainable private markets initiative.
The initiative 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.
The initiative will be incorporated in, and primarily managed from Qatar, with an initial seed investment of up to $500 million in the first stage.
The investment will 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, CEO, QFC Authority said: “Qatar Financial Centre Authority is excited about the environmentally sustainable initiatives and the agreement that a percentage of the returns generated by the initiative will be invested into developing the financial services ecosystem in Qatar."
Suni Harford, President of Asset Management 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.”