Capivest and capcorp sign an underwriting agreement in Kuwait for aiap Qatar
In a strategic move following the launch of AIAP Qatar, CAPIVEST Bank (Bahrain) and CapCorp Investment Company (Kuwait) signed an underwriting agreement targeting the Kuwaiti market to invest in AIAP Qatar, which is a multi-million dollar investment opportunity specialized in transportation, earth movement, and the heavy equipment industry in the State of Qatar. Mr. Talal Kaiksow, Executive Director, Wealth Management (CAPIVEST) and Mr. Alaa Al-Roumi, Deputy Chief Executive Officer (CapCorp) signed this agreement marking another equitable alliance formed between both parties during a formal ceremony that was held in Kuwait on June 11, 2008.
AIAP Qatar, which is a joint venture founded by CAPIVEST and its strategic partners in Qatar (Ali Iskandar Al Ansari & Sons Company and Shaikh Mohammed Bin Suhaim Al Thani), is expected to become one of the leading significantly capitalized Transportation and Earth Movement Services companies in the State of Qatar and beyond.
Commenting on the reasons for deciding to sign the underwriting agreement between their respective institutions, Mr. Alaa Al-Roumi said, “We at CapCorp wanted to emphasize our faith in this investment opportunity by signing an underwriting agreement with CAPIVEST. We view the underwriting agreement as a formal endorsement for AIAP Qatar in Kuwait.” Mr. Talal Kaiksow added, “Both parties have a strong belief that AIAP Qatar will achieve rewarding results for high-net-worth individuals and institutional investors in Kuwait, as well as in other GCC countries.”
The private shareholding company, AIAP Qatar, will focus on three major areas of business: transportation of construction materials, heavy equipment that will support major infrastructure projects in Qatar, and a full-fledge service center to cater to the heavy equipment fleet owned by the formed company, as well as to the fleet of other third-party companies. It is anticipated that AIAP Qatar will provide more flexible transportation and logistics infrastructure services (which has been noted as an apparent deficit in the market), by facilitating the seamless movement of building materials from a growing number of source locations to the site of large-scale construction projects that are currently underway and planned in the pipeline in Qatar.
AIAP Qatar, which will be operating in accordance with Sharia principles and under the supervision of a multi-national management team, will mainly service the Qatari market at the onset of formation. However, future expansion plans are already underway for other branches to be formed throughout the GCC countries and MENA region, and potentially in other international markets.
