Qatar- Al Faisal Holding expands to new sectors

Doha: Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding said that Al Faisal Holding's diversified business model across eight clusters will continue to contribute to Qatar's diversification efforts. Despite the challenging situation due to COVID-19 outbreak in 2020, the Group has achieved growth and has expanded into new sectors, said Sheikh Faisal bin Qassim Al Thani. 

'Over the past year, Al Faisal Holding has conducted a transformation process to redefine our corporate roadmap, introducing a new organisational and operational model which is aligned with our evolving business requirements and which should ensure continuity and growth, he said while talking to The Business Year (TBY).

'In terms of operational development, Al Faisal Holding has achieved organic growth within its existing businesses and has successfully expanded into new sectors.

For example, ARTIC, our fully owned subsidiary focused on investments in the hospitality sector with a portfolio of over 28 hotels worldwide, opened six hotels in 2019, he added. 

Three of these are in Doha (Swiss-Belinn Doha, JW Marriott Marquis City Centre Doha, and DoubleTree by Hilton Doha Al Sadd), two are in Turkey (Sheraton Istanbul City Center and JW Marriott Istanbul Bosporus) and one is in Hurghada, Egypt (Hilton Hurghada Plaza). 

'Our Trading Cluster added Djula Jewelry Qatar to its portfolio, while our Project Management and Construction Cluster welcomed The Qatari Modern Maintenance Company. Elsewhere, our Manufacturing Cluster saw an increase in our investments in Frijns Structural Steel Middle East and other entities. Al Faisal Holding will always seek to fulfil growing market demands by introducing innovative services and products, he added.

He said that the sectors to lead Qatar's diversification efforts are the non-hydrocarbon industries such as industrial manufacturing, technology and innovative services. 

'Through delivering excellence and innovation, as well as high quality products and services, Al Faisal Holding's diversified business model across eight clusters will continue to contribute to Qatar's diversification efforts as the private sector plays a significant role in diversifying the country's revenue streams and acts as a strong partner to achieve the Government's objectives, he added.

Explaining about the strategic priorities for 2020 and 2021, he said that the Group's strategic objective is to conduct digital transformation among its business operations. 

'Our immediate strategic objectives for the coming period are to conduct digital transformation among our business operations to ensure efficiency, continuity, and safety. We will also continue as well to explore new opportunities that can add value to Al Faisal Holding and all our stakeholders, he said.  'I am confident that we will be able to mitigate the undesirable effects of the pandemic by having the right strategies in place. We have a solid foundation and a strong financial position that will help us to navigate the rest of 2020 and 2021 with confidence and resilience, he added.

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