Qatar Financial Centre’s (QFC) legal and tax division Qatar Financial Centre Authority (QFCA) has entered into a letter of intent (LOI) with UBS Asset Management to jointly embark on a sustainable private markets initiative.

The proposed green initiative seeks to invest in a number of sectors including energy storage, eco-transport, food security as well as environmentally-friendly technology venture capital markets.

This partnership aims to create a joint vision that will help Qatar become an environmentally sustainable investments destination.

As part of the LOI, the alliance aims to make an initial seed funding of up to $500m in the first phase.

Plans are on to raise additional investments in later phases from various investors such as banks, venture capital companies, pension funds, endowments and foundations, along with high net worth individuals and others.

QFC Authority CEO Yousuf Mohamed Al-Jaida said: “Qatar Financial Centre Authority is pleased to sign this LOI with UBS Asset Management and is excited not only about the environmentally sustainable initiatives that will ensue from this strategic collaboration but also because the Parties’ ambition is for an agreed percentage of the returns generated by the initiative to be invested into developing and growing the financial services ecosystem in Qatar including by attracting other financial services firms to establish themselves in, and operate from, the State of Qatar.”

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Based in Doha, QFC is an onshore business and financial hub that helps companies who want to trade in Qatar and the nearby region.

In June this year, QFCA signed a LOI with Atlas Merchant Capital to set up a global investment platform.