(“Aamal”), one of the region’s fastest growing diversified companies, today announces that via Senyar Industries Qatar Holding W.L.L., one of Qatar’s leading industrial groups in which Aamal is a 50% 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% 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 QAR 95million. The factory will specialise in the production of copper wires and will be the first of its kind in Doha. The expected 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 QAR 10 million. The factory will specialise in the production of aluminum bars and wires 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 QAR 10million. The factory will specialise in the production of wooden and steel cable drums and 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 Q.P.S.C – commented: “These significant new projects which Senyar Industries Qatar Holding is launching are very much in line with Qatar’s vision of industrial diversification and of ensuring that industry is a key source of income for the economy, as well as fulfilling the country’s relentless 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 pleased to today introduce these three industrial projects which fit so well with our overall strategy and which will underpin our market-leading position within the industrial manufacturing sector. Once those three projects are completed, we will have an integrated cycle for cables manufacturing that will fulfill the local market needs as a first step, and later export to other markets. Further, we have plans to add other projects that will support the various industrial sectors in Qatar. Being the first in Qatar to meet the increasing market demand for these products will provide us with an excellent opportunity for further growth and will benefit all our stakeholders.”
Sheikh Mohamed Bin Faisal Al Thani – Vice Chairman and Managing Director of Aamal Company Q.P.S.C. – also commented: “We are very pleased to announce these three major industrial projects, all of which reflect Aamal’s ability to create new revenue streams which support our medium-term growth plans while also creating synergies with our other industrial activities. Senyar Industries Qatar Holding has been successfully operating in Qatar since 2007 and has two main divisions – 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’s great 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.”