Amwal launch puts Qatar financial services industry on the map

Uniquely, it will offer opportunities to invest in Qatar's booming economy, which is underpinned by vast energy resources.

The launch of Amwal, the Arabic plural for money, reflects the rapid progress QLIC has made and its commitment to taking the process to the next stage. The rebranding to create Amwal aims to sharpen the focus of the company's business, which is to provide top quality investment services across the board. Sheikha Hanadi Nasser Bin Khalid Al Thani, Amwal's Vice Chairperson and Managing Director, said: "Today marks a new chapter in the history of investment services in the region.

"The company has evolved from its original focus as a leading investment company with a focus on family financial planning. This name change signals our strong commitment to expanding our offerings and to add new facets to the financial services community. We are, in effect, recreating the business and the perception of Qatar's financial services industry."

Sheikha Hanadi added that the process had begun before the name change. Although QLIC was primarily set up to provide dedicated, professional and reliable investment advice for ladies, by the end of last year more than 70 per cent of the client base were men. She said: "More importantly, the company's evolution to incorporate a wider range of investment services, including financial planning, asset management and investment banking, played a major role in launching a new identity that is open to all types of clients across the world."

Murad Mahmoud, Amwal's General Manager, said the company's new strategy is to become Qatar's most dynamic asset management and investment banking company, and the Gulf's leader in financial planning. He said: "As the company evolves into its new identity, our services and solutions will reflect the change and this should help us meet our target of being the dominant presence in the regional industry. We aim to achieve the highest standards of excellence while helping our clients protect and manage their wealth."

Amwal believes it has hit on a winning formula with its three-way offering of Asset Management, Investment Banking, and Financial Planning.

It is supported by leading Qatari companies and institutions, and some of the region's leading investment companies. Amwal shareholders include the Qatar Foundation for Education, Science & Community Development, Qatar National Bank, Qatar Navigation & Transportation Company, Shuaa Capital and Abraaj Capital.

"The birth of Amwal coincides with the enormous strides forward taken by the country's economy. Qatar is rapidly becoming one of the most economically dynamic and socially progressive of all the Gulf States," Sheikha Hanadi said.

"With a host of new initiatives coming into the market such as Education City, Qatar Science and Technology Park and the Sports Academy, Amwal's scope for creating and seizing opportunities for increased international investment is boundless," she added.