(MENAFN- The Peninsula) The Peninsula
DOHA: Aamal Company, one of the region's fastest growing diversified companies, yesterday announced that via Senyar Industries Qatar Holding W.L.L.,one of Qatar's leading industrial groups in which Aamal is a 50 percent shareholder, it will further diversify through the development of three major new industrial projects: a copper production facility; an aluminum production facility; and a drum production facility.
Senyar Industries Qatar Holding is a leading Qatari industrial company that currently owns and operates two main divisions - Doha Cables, the first cable manufacturing facility in Qatar, and El Sewedy Cables Qatar. These three new factories will be the first of their kind in Qatar and represent an important new development in supporting Qatar's industrial transformation and fulfilling the needs of the Qatari market. Senyar Industries Qatar Holding will own 100 percent of all three factories and is in the process of obtaining all the necessary approvals to start their construction.
The first factory is the ‘Senyar Copper Production Factory', with capital of QR95m. The factory will specialise in the production of copper wires and will be the first of its kind in Doha. Theexpected completion date is the first quarter of 2019 and the project will be funded using a combination of equity and debt.
The second factory is the ‘Senyar Aluminum Production Factory', with capital of QR10m. The factory will specialise in the production of aluminum bars and will be the first of its kind in Doha. The expected completion date is the end of 2019 and the project will be funded using a combination of equity and debt.
The third factory is the ‘Senyar Drum Production Factory', with capital of QR10m. The factory will specialise in the production of wooden and steelcable drumsand will be the first of its kind in Doha. The expected completion date is the end of 2018 and the project will be funded using a combination of equity and debt.
Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company commented: 'These significant new projects which Senyar Industries Qatar Holding is launching are very much in line with Qatar's vision of industrial diversification andof ensuring that industry is a key source of income for the economy, as well as fulfilling the country'srelentless drive towards achieving self-sufficiency. We have previously said that Aamal has been studying several investment opportunities in the industrial sector and I am very pleasedto today introducethese three industrial projects which fit so well with our overall strategy andwhich will underpin our market-leading position within the industrial manufacturing sector.Once those three projects are completed, we will have an integrated cycle for cable manufacturing that will fulfill the local market needs as a first step before we then export to other markets. Furthermore, we have plans to add other projectsthat will support the various industrial sectors in Qatar. Being the first in Qatar to meet the increasing market demand for these productswill provide us with an excellent opportunity for further growth and willbenefit all our stakeholders.
Sheikh Mohamed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal Company said:'We are very pleased to announce these threemajor industrial projects, all of which reflect Aamal's ability to create new revenue streams which support our medium-term growth plans while also creating synergieswith our other industrial activities. Senyar Industries Qatar Holding has been successfully operating in Qatar since 2007 and has two maindivisions - Doha Cables, the first cable manufacturing facility in Qatar, and El Sewedy Cables Qatar. Today's announcement signifies the creation of a strong and natural growth platform for these divisions; as well as being able to offer these products to the market, Senyar Industries Qatar Holding's existing businesses will become even more efficient through the availability of local raw materials and, therefore, an enhanced supply chain. One of Aamal'sgreat strengths is our ability to identify and capitalise on investment opportunities and our ability to meet the increasingly sophisticated needs of the market. We believe in building through careful diversification and we have established an enviable and successful track record of delivery against this strategy. I have no doubt that these three projects will add further value to our business model.
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