Qatar First Bank Sells Stake in UAE Firm Amanat

  • 5 days   ago
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Qatar First Bank (QFB) has sold its stake in Amanat Holdings, a healthcare and education investment firm in the UAE, said a report in Reuters Tuesday. 

QFB held five percent stake in Amanat through its subsidiary Astro AD Cayman. The sale is valued at AED 150 million (QAR 148.73 million), according to the report, though QFB did not reveal the size of the stake and the buyer. 

 

The sale comes when the ongoing Gulf crisis has entered sixth month. The UAE along with Saudi Arabia, Bahrain and Egypt has imposed an economic blockade on Qatar which has seen the firms from these nations divesting their investments from Qatar firms, especially banks. Firms like Qatar Insurance were forced to close their operations in the siege countries. 

Qatar has began to establish alternate routes to do businesses which were earlier dependent on these countries. Qatar Navigation shifting its hub to Omani port of Sohar from Jebel Ali in Dubai is one such example.

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