(MENAFN- The Peninsula) Qatar First Bank (QFB), Qatar's first independent Shariah compliant bank authorised by the QFC Regulatory Authority announced the acquisition of a 49 percent stake in Food Services Company (FSC). FSC is a leading food & beverages company that operates a 16 branch networks of five brands: Opera Patisserie, Opera Café, Opera Catering, Take Away and Kanafji.
The acquisition marks QFB's second investment in the food & beverages sector and the fourth in the Qatari market.
Ahmad Meshari, QFB Acting CEO said: "From the outset, our investment strategy focuses on sectors that are expected to benefit from macroeconomic growth.
"The F&B sector in the Qatar is projected to maintain its historical growth driven by robust macroeconomic fundamentals and population growth. We look forward to working with FSC and assisting them in implementing their ambitious expansion plan."
Ihab Asali, Head of QFB's Private Equity Department said: "We are pleased to be partnering with FSC which has a proven track record of growth and innovation. We believe that FSC is well positioned to capitalize on the future growth expected to take place."
FSC, established in 1997 in Doha by Qais Al Saleh, is one of the first home-grown and branded F&B concepts that still exists today. FSC has witnessed significant growth since inception growing from 1 branch in 1997 to having a 16 branch network as of 2014.
Through its household brands, FSC offers different menu selections to appeal to a wide range of tastes, in addition it provides catering services to corporates and individuals
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