The Al-Qadi Investors – What we know

Al-Qadi takeover leads to more money invested in The Gas

The Al-Qadi family have taken the reigns at Bristol Rovers.

As well all know, rumours have been rife amongst Rovers fans of a potential takeover or investment from an unnamed consortium.

Today the news has gone public and naturally, it’s been met with differing opinions.

Some interesting things that a bit of digging (thanks to Doug Walker for assistance with this), has found.

The Al-Qadi family is one of the most influential in Jordan, and is headed by Adbulkader Al-Qadi. Their main business interests being in the tourism and banking industries.

It is thought that one of Abdulkader Al-Qadi’s sons, Wael, will join the club at board level – though the investment is seen as a family commitment. Wael Al-Qadi’s LinkedIn shows some of his employment history.

Wael is currently vice president of the Asian Football Development Project, and boasts a CV including being a member of the executive board at both the Jordan Football Association, and the FIFA U17’s Womens World Cup.

In terms of their business and wealth, the Arab Jordan Investment Bank completed a takeover of HSBC’s Jordan operations back in 2014.

Arab Jordan Investment Bank (AJIB) has entered into an agreement to acquire HSBC Bank Middle East Limited’s banking business in Jordan. At 30 September 2013, that Business comprised four branches with gross assets of approximately USD1.2 billion. The transaction is expected to be completed during the first half of 2014.

Back in 2014, ‘Venture-Mag.com‘ published an article on Jordan’s most wealthy and influential business people – ‘The Power List’. The Al-Qadi’s feature promintently, see the below quote:

ABDULKADER AL-QADI FAMILY

PROMINENT INDIVIDUALS: Abdulkader Abdullah al-Qadi, Chairman of the Arab Jordan Investment Bank PLC (AJIB), Hani Abdulkader al-Qadi, AJIB CEO and General Manager.

MAIN SECTORS: Banking and tourism.

WHY THEY MATTER: With its takeover of HSBC’s assets in Jordan, AJIB has become a banking force to be reckoned with.

The Al-Qadi family own AJIBAbdulkader Abdullah al-Qadi started his career in Qatar, where he acted as a financial adviser to senior officials. He then came back to Jordan to establish the Arab Jordan Investment Bank (AJIB) in 1978. 

AJIB has a banking arm based in Qatar, the Arab Jordan Investment Bank (Qatar) L.L.C., which was founded in 2006 to serve clients in the Gulf region. It also has two subsidiaries; the United Arab Jordan Company for Investment and Financial Brokerage and the Arab Advisors Group, a research and consulting company.

Abdulkader al-Qadi is a main shareholder with 17.6 percent. His sons—Hani, Samer, and Wael—are also prominent shareholders with combined shares of 13.5 percent. The bank’s growing importance in Jordan’s banking sector is clear with the list of shareholders including the Libyan Foreign Bank (12.79 percent), the Arab Investment Company (10.25 percent), Sheikh Hamad bin Jassim bin Jaber Al Thani (9 percent), and Jordan’s Social Security Corporation (4 percent).

AJIB’s investment capabilities have contributed to its growth locally and regionally. A major new $1.2 billion deal to acquire HSBC bank’s assets in Jordan proved the bank is a powerhouse and a force to be reckoned with.  

Following the agreement, AJIB decided to raise the bank’s capital to JD150 million, from JD100 million. Under the takeover plan, which is due to be completed by May-June of this year, AJIB will take on HSBC’s 36,000 retail and 2,000 corporate customers, as well as most of the bank’s 250 full-time employees. 

Commenting on the deal, Hani al-Qadi said the acquisition was part of AJIB’s growth strategy, and the business acquired complemented the bank’s existing product line and consolidated its market share in the Jordanian market.

Abdulkader al-Qadi and his sons are also major shareholders in the Mediterranean Tourism Investment company which owns the lavish Four Seasons Hotel Amman. Abdulkader al-Qadi is the company’s chairman.

You can also read a copy of the banks Annual Reports for 2014 here.

Bristol Rovers will host a press conference at 1:30PM, in which the club will hopefully clarify some of the finer details. But it would seem the money and interest is there, and the club could be about to embark on one of the most import periods in our history.

 

I’ve been a Rovers fan since birth and have been a season ticket holder for over 10 years. First season ticket was the promotion from L2 under Trollope, so not a bad bit of luck that. Been hooked ever since, and though I’ve been through the pain of two more relegations, I am more Gas than ever. Also one of the 3 founders of GasCast.

4 Responses to “The Al-Qadi Investors – What we know

  • Stephen Herlihy
    2 years ago

    The accounts show the bank with profits after tax of 24m Jordanian dinars, roughly the same in pounds. That is not a lot for a bank. Our guy owns 4% . A quick Google search puts his holdings worth USD 22m. Say £16m. So not a billionaire. The bank only pays 12m in total salaries so he’s not getting wealth that way. The total net assets of the bank are 250m dinar. The estimated market value per a Google search is 300m dinar. It is a tiny bank.

    I am really struggling to see why our guy is seen as a billionaire. I am delighted he is on board. He appears passionate, he has some money but not substantial amounts.

    • I too am airing on the side of caution when it comes to the claimed ‘billions’. I get the impression the BBC and ITV etc are sensationalising it, as you’d expect. But I do think he has a little more than you’ve suggested… if he seriously does only have what you’ve said, that’s a little worrying.

      That said, I’m incredibly happy with him as a person and think we’ve ‘got a good one’ here. UTG!

  • Stephen Herlihy
    2 years ago

    Oh , also had a look at the Tourism company accounts. That company has net assets of £50m , let’s say a market value of £100m. The family owns about 30% . That includes our guys holding of 4 %.

    I should have added to my first post that the family only owns 30% of the bank.

    So I make it that the value of the family’s banking and tourism business is about £130m of which our guy has about £20m

  • Abdullah has three sons, all of whom are expected to have some involvement in Rovers – although it will be the youngest, Wael, who will act as the face of the family when it comes to the football club.

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