Qatar, UBS could set up USD 500 mn green investment vehicle: The Qatar Financial Center (QFC) has signed a letter of intent with UBS Asset Management to work on a green private markets initiative that will invest in several sectors including energy storage, eco-transport, food security and environmentally-friendly tech, QFC announced in a statement last week. The two sides would aim to attract an initial investment of USD 500 mn which could then increase “in subsequent stages,” the statement said.

But increasing green investments isn’t the only goal here: The initiative is also about increasing Qatar’s position as a global financial center, according to comments made by QFC Authority CEO Yousuf Mohamed Al Jaida. An undisclosed percentage of the returns will be spent on “developing and growing the financial services ecosystem in Qatar” and attracting more financial services companies to set up shop in Doha, he said.