A consortium of institutions from Qatar and Bahrain has announced the 100% acquisition of industrial engineering and construction contracting firm Qatar Engineering and Construction Company (QCon) from Qatar Shipping.
QCon specialises in the oil and gas, petrochemical and power sectors as an engineering, procurement and construction (EPC) contractor. The consortium consists of Qatar America Asia Consortium (QAAC), Bahrain based Unicorn Investment Bank, Qatar First Investment Band and The First Investor (TFI).
“We are proud to have formed a strategic alliance with three of the region’s leading financial institutions to acquire QCon, and we are confident that the consortium will be able to add tremendous value to the company as it enters the next phase of its growth,” Shaikh Ahmed Bin Mohammed Bin Jabor Al Thani, chairman of QAAC, said.
“We are delighted to have put together a strong consortium and to have the opportunity to partner with leading Qatari institutions to acquire QCon, an acknowledged heavyweight in the Qatar oil and gas sector,” Majid Al Sayed Bader Al-Refai, managing director and chief executive officer of Unicorn, commented.
“Our investment in QCon marks Unicorn’s third investment in the regional energy sector in recent months and reflects our confidence in the ability of the sector to continue to drive regional economic growth,” he added.
The exact value of the acquisition was not disclosed.
