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Qatar Holding looks to $700mn Africa, S America mining project


DOHA QATAR’S sovereign wealth fund and a group of investors led by Jan Kulczyk have come together to financially back a $700 million company, which is investing in mineral exploration and extraction in Africa and South America, according to a report in the Financial Times.

The project, likely to be announced within a week, according to sources quoted by the financial daily, is expected to be managed by Lloyd Pengilly and Roger Kennedy.

“They are supposed to be the rainmakers and the managers,” said a person familiar with the matter.

While Kulczyk is considered to be the richest man of Poland, Pengilly and Kennedy are well respected bankers and minerals resources experts. They left JPMorgan earlier this year to work on their own projects.

According to the report, while Kulczyk and Qatar Holding would be investing $250 million separately, BTG Pactual, a Brazilian investment bank, and Och-Ziff, a leading investment fund, would be chipping in $100 million each.

Kulczyk and Ahmad al Sayed, chief executive of Qatar Holding, are set to be named non-executive chairmen.

Qatar Holding, which is in an expansion mode, has recently entered into agreements with several entities to expand its foot-print across the globe.

It recently reached an understanding with Credit Suisse to set up an asset management joint venture.

The venture, called Aventicum Capital Management, builds on the close ties between the two businesses.

Qatar’s sovereign wealth fund is Credit Suisse’s secondlargest shareholder with a 6.2 percent stake, according to Thomson Reuters data.

The venture will focus on investments in the fast-growing emerging and frontier markets of the Middle East and Turkey as well as operate an international business, Credit Suisse said on Tuesday.

Cash-rich Qatar is aiming to create an asset management hub in the region. It is setting up a platform for financial services and asset management firms through Qatar Financial Centre, its answer to glitzier Dubai’s financial centre.

In April, Qatar signed a deal to co-invest $250 million with Barclays’ natural resources private equity investment unit.

Similarly, Qatar’s QInvest is in talks with EFG to create a jointly-owned investment bank with QInvest holding a 60-percent stake and pumping in $250 million in cash.

Recently, the board of Qatar Insurance approved the sale of shares worth 488.6 million riyals ($134.2 million) to state fund Qatar Holding, the insurer said in a bourse filing recently.

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