QFIB ups stake in Al Rifai to 35 percent from 15 percent

Qatar First Investment Bank (QFIB) has increased its stake in Al Rifai to 35% from 15% in view of the latter’s robust performance. “Since acquiring a 15% stake in Al Rifai late December of last year, the company has shown positive growth prospects. We strongly believe that Al Rifai has the right setup to venture into new markets and diversify its product range,” QFIB chief executive Emad Mansour said. The company’s export-sales also registered a 66% growth for H1 2012, compared to the same period last year. Since January, the holding company has succeeded in opening five new outlets in Lebanon. From gulf times.