Qatar Holding’s purchase of $2.72 billion of convertible bonds for a 5% stake in Santander Brazil last month is just one sign of increased investment banking activity in the Gulf. It follows a $2.8 billion investment this summer in Agricultural Bank of China by Qatar Holding, the direct investment arm of the country’s sovereign wealth fund, showing that Qatar has developed a taste for emerging market banks.
Qatar’s investments also point to a rebounding theme in the Gulf: the region’s growing profile on international capital markets, be it on the buy or sell side.
Bankers say the agreement on a restructuring for state conglomerate Dubai World in mid-September has given international investors clarity on the risks in the Gulf, lifting the mood across the region.
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