Doha, Qatar— Qatar Financial Center Authority and UBS Asset Management will collaborate to set up a green sustainable private markets initiative in Qatar, encouraging investments in the energy storage, eco-transport, food security and environmentally sustainable technology venture capital sectors.
According to QNA, the collaboration intends to develop a joint vision for the initiative with the objective of establishing Qatar as a center 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 $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 Center 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 mobilization 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.