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.”