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Friday, October 22, 2021

Qatar First Bank expands US portfolio with award-winning property


The local bank has acquired yet another American property in Texas as it continues to gain accesses to the US real estate market.

Qatar First Bank [QFB] purchased a building in Texas, adding to its ever-growing list of properties in the United States.

The property, dubbed ‘The Waterway Plaza I’, is located in the city of Houston and stands as the headquarters of Fortune 250 chemical products manufacturer, Huntsman International.

It is QFB’s first American acquisition of this year.

Read also: Qatar’s bank mergers, will there be more?

The Waterway Plaza I won ‘The Outstanding Building of the Year 2021’ award and is considered to be in one of the most desirable suburban areas of Houston.

This isn’t the first major American acquisition for QFB.

Last year, the bank completed a $41 million acquisition of the Varsity Brands property in Texas, its fifth investment in the US real estate market at the time. It also bought 90 North, a $117 million building in Seattle, Washington.

Chairman of the board Sheikh Faisal bin Thani Al Thani said these acquisitions were part of a “turn around strategy.”

“In 2020 we planted the seeds of the turn-around strategy. It was a test year for the bank and I think we succeeded.  In 2021 it’s time to be more proactive. It’s time for QFB to accelerate a bit, and to present more opportunities to the market,” said Al Thani.

Qatar First Bank is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority. It is also a listed entity in the Qatar Stock Exchange.

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