Qatar Financial Centre Signs Non-Binding LOI with Atlas Merchant Capital LLC

Doha, June 27 (QNA) - Qatar Financial Centre (QFC), a leading onshore financial and business centre in the Middle East, announces its signing of a non-binding Letter of Intent (LOI) for a commitment of US$ 100 million for a new distressed assets recovery platform to be established (the Platform). The Platform will aim to provide liquidity to financial institutions and credit markets for the resolution of distressed assets and believes recent global crises have created an opportunity for private investment in the sector. QFC has signed a non-binding LOI with Atlas Merchant Capital LLC (Atlas), a global financial services-focused investment firm based in the US and Europe, to participate in the platform. Atlas will advise on the Platform's strategy, and the Platform will seek to coordinate with an investment firm focused on distressed assets. The Platform expects to target a first close in 2022 and a final close in 2023, with target capital commitments totalling US$ 1.5 billion, and believes a commitment from the QFC will help to mobilise other institutional investors. In line with QFC's goal to bolster Qatar's financial services sector by attracting leading global institutions, the Platform intends to establish an office in Doha, to serve as a regional hub focused on operations and investment strategies. (QNA)