By ASIF IQBAL, Qatar Tribune
THE unjust blockade imposed on Qatar by the Saudi-led bloc has failed to make any dent on the aspirations of Qatari companies to acquire overseas firms and rescuing them from insolvency. Since the blockade began three months ago, a couple of firms have successfully closed deals abroad, demonstrating the robustness of Qatari businesses.
The most notable example of the recent overseas investment made by Qatari firms is that of Qinvest, which has invested in and is a shareholder in OneOcean Port Vell in Barcelona, Spain. The investment was made through its wholly-owned subsidiary BOH LLC, and was made in conjunction with an investment partner.
OneOcean Port Vell is QInvest’s second investment in Spain this year, having earlier invested (in 2017) in a Spanish real estate project focused on land developments in Madrid, Barcelona, Valencia and Marbella. The objective is to acquire well-located residential land parcels across Spain and develop residential-for-sale apartments for first home owners.
Qinvest will work with the city and port authorities in Barcelona to increase the profile of the marina by investing additional resources in the port infrastructure.
Commenting on the acquisition, Tamim Hamad al Kawari, Chief Executive Officer of QInvest, said, “Having supported the marina for a number of years, we, alongside our investment partner, will be leading the new ownership of One Ocean Port Vell. As one of the most prestigious marinas in the region and situated in one of Europe’s leading cities, we are confident about its prospects for the future.”
According to Craig Cowie, QInvest’s Head of Real Estate Investment and Advisory, OneOcean Port Vell is a valuable asset with significant potential for growth and QInvest is committed to working hand-in-hand with the relevant authorities, including the Barcelona Port Authority, the wider local community and all other stakeholders to support its continued development and success.
IN THE NEWS
Another acquisition that grabbed the headlines recently was the announcement of Qatar Solar Technologies (QSTec) to come to an arrangement that saw SolarWorld Industries emerge from insolvency and ensure the continuation of solar manufacturing in Germany.
Headquartered in Germany, SolarWorld Industries is a fully integrated solar photovoltaic (PV) module manufacturing company well known in the solar industry for its high-quality products, cutting-edge technology and its focus on research and development. Under the agreement, several hundred jobs will be saved at SolarWorld Industries’ German manufacturing plants and they will continue to develop their advanced proprietary technology to capitalize on the increasing global demand for solar products. For QSTec, the new deal has many strategic advantages.
“The opportunity to strengthen our relationship with SolarWorld Industries and continue the production of high quality solar technologies in Germany fully aligns with QSTec’s vision of being a world leading integrated solar company,” QSTec’s Chairman and CEO, Khalid Klefeekh al Hajri said while announcing the arrangements with SolarWorld Industries.
THE EXPANSION
“We have expanded QSTec’s global reach, increased our research opportunities and gained larger access to solar technologies and markets that will be of great benefit to QSTec and our partners.
“QSTec has investments in polysilicon production, integrated module manufacturing and supply chain technologies that will allow QSTec and its partners to reduce costs, and improve quality, across the entire solar value chain.”
The synergies between SolarWorld Industries and QSTec enable the development of a sustainable business platform that will assist both companies to develop new products and expand their global market reach.
“We have the best products, the right partners and we share a common vision for the future of SolarWorld Industries, QSTec and the global solar industry,” said SolarWorld Industries’ founder Frank Asbeck. “The industry is expanding, new markets are opening up daily and together with QSTec, SolarWorld Industries will continue to manufacture modules of the highest German quality and standards.”
“German companies are well known for producing products and technologies of the highest quality and reliability,” said HE Sheikh Saoud bin Abdulrahman Al Thani, the Ambassador of the State of Qatar to the Federal Republic of Germany. “It is in line with the Qatar National Vision 2030 and the strategic plans of Germany to cease nuclear power production by 2022. With solar energy now being the world’s number one technology choice for new electricity generation, the synergies between SolarWorld Industries and QSTec will no doubt make a positive impact on our environment, and transform the lives of millions of people around the world.”
The complex deal ends weeks of speculation about SolarWorld Industries and the future of solar manufacturing in Germany.
“We are proud to play a role in ensuring that SolarWorld Industries’ products will continue to be manufactured in Germany,” noted al Hajri. “The high-quality modules that SolarWorld Industries produce are ideally suited to QSTec’s top tier polysilicon and we are extremely positive about our opportunities for future growth.”