Qatari PM’s Son Seizes 60% of EFG-Hermes

Negotiations between EFG-Hermes and QInvest on holding a majority stake in the region-wide new investment bank have revealed that Jassim bin Hamad bin Jassim bin Jaber, the Qatari prime minister’ son, was responsible for those negotiations so as to control 60% of the bank as for being the chairman of QInvest.

QInvest will inject $250 million in the venture through raising Hermes Qatar’s capital. EFG-Hermes will then acquire only 40% of the seed capital.

QInvest will also acquire 60% of the seed capital injected by Hermes into the funds that will be managed by the venture. Hence, QInvest will turn from a subsidiary into a sister company.

QInvest shareholder base includes Qatar Islamic Bank (QIB) which owns 45%, Gulf Finance House (GFH) as 3% and other institutional and prominent high net worth individuals across the region as 52%. QInvest’s board includes the chairman Jassim bin Hamad bin Jassim bin Jaber, Sheikh Al Hussein Bin Ali Bin Ahmed Al Thani – Masraf Al Rayan Deputy Chairman – and H.E. Sheikh Mubarak Bin Abdullah M. Al Khafrah.