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    10-09-2020

    Eversheds Sutherland advises The First Investor on funding for the construction of two schools in Qatar 

    Eversheds Sutherland has advised The First Investor (TFI), a leading Qatar-based Shariah investment firm and fully owned subsidiary of Barwa Bank, on funding for the construction of two schools in Al Wakra, Qatar.

    TFI, along with investors and in partnership with Qatar Insurance Company (QIC), provided funding for the construction of the two schools and leased the operations to GEMS Education in 2013.

    The Eversheds Sutherland team was led by Dani Kabbani, Managing Partner of its Doha office, and supported by Samer Sarkis, Principal Associate, and Rhydian Wyn, Associate (all based in Doha).

    The transaction, in line with the planned investment strategy, performed exceptionally well throughout the holding period and initial investors received a net 60 per cent return on investment. During the tenure of their investment, investors received semi-annual dividends equating to an annual cash-on-cash return between 6 per cent and 8 per cent.

    Dani Kabbani commented:

    “We are delighted to have advised TFI on this successful investment and are particularly pleased to have supported in the building of two schools which will benefit and provide a wider source of education for the children in the local communities of Qatar.”

    Khalid Al-Subeai, Group CEO, Barwa Bank Group and TFI Board Member commented:

    “We are extremely pleased with the performance of the asset. Our investors have enjoyed a strong and steady income throughout their respective holding periods. This investment is an endorsement of our ability to capitalize on well-defined and distinct opportunities alongside reputable partners. We continue to believe in the performance of the Qatari real estate market especially the residential segment, for 2020 and beyond. We remain focused on identifying value-enhancing investment opportunities that are supported by strong fundamentals with minimal risks.”

    Salem Al Mannai, Group CEO QIC Group commented:

    “We consistently endeavor to identify and support initiatives that aim at furthering investment in key sectors that are vital for enhancing the Qatari economy. The Education Fund provided us with one such unique opportunity to support the growth in the education sector, a key pillar in realizing the Qatar National Vision 2030. We will continue to engage in identifying such investment opportunities, which promote the broader agenda at the national level and at the same time provide attractive risk-adjusted returns to QIC Group and its partners.”

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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