Doha, Qatar -12 April 2015 - Aamal Company Q.S.C., one of the GCC's fastest growing diversified companies, today announces a new Joint Venture agreement with  German retail mall and shopping centre operator ECE Projektmanagement.

Aamal and ECE already have a long-established track record of successful collaboration with ECE acting as manager of Aamal's flagship City Centre retail mall in West Bay, Doha, for the past 10 years.

Under the new Joint Venture agreement, Aamal and ECE have extended their partnership by creating a new company, Aamal ECE W.L.L., which will leverage the parent companies' combined expertise and capabilities to meet the growing demand for comprehensive property management of shopping centres both in Qatar and potentially across the wider MENA region.

The new JV will offer property management together with related consultancy and letting services for the portfolio of shopping centres owned by Aamal and those owned outside the Group both in Qatar and the MENA region.  Aamal will own 51% of the Joint Venture and ECE the remaining 49% holding.  The new company will continue to manage City Center mall.

Comment

Sheikh Mohamed Bin Faisal Al Thani, Vice Chairman of Aamal, said: "We are delighted to have the opportunity to build on our strong relationship with ECE, one of the most respected and experienced international operators in retail property management. The underlying economic strength of Qatar and the GCC is continuing to drive the expansion of shopping centre development in both local and regional markets and I'm positive there will be high demand for the services offered by our new partnership."

Tarek M. El Sayed, Managing Director of Aamal, added: "This new JV reflects the success of Aamal's strategy to build profitable long term partnerships. ECE has already proved to be an effective partner for us, creating value and contributing to the success of our flagship City Center shopping mall while under its management by improving our tenant mix, enhancing the customer experience, and co-ordinating the mall's successful redevelopment. We now look to offer the benefit of this expertise to enhance the performance of other retail centres both within and outside the Group."  

Joanna Fisher, Managing Director, Center Management of ECE, said: "We have been active in Doha for ten years and we are proud and very pleased that our work has been rewarded. We are looking forward to intensifying our co-operation with Aamal by building up the Joint Venture and through that to continue the successful partnership in the field of Shopping Center Management in the future." 

Further enquiries:
Aamal Company
+ 974 4435 0666
Arwa Goussous, Corporate Communications Manager
(mobile # +974 5513 9539)
arwa.goussous@aamal.com.qa 

Citigate Dewe Rogerson
Ramiz Al-Turk
(mobile # +974 5014 9201)
ramiz.al-turk@citigatedr.com 

Overview of Aamal

Aamal Company is one of the GCC's fastest growing diversified conglomerates.  Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar's rapidly growing economy, Aamal's operations comprise 23 business units with market leading positions in the key industrial, retail, property, managed services and medical equipment and pharmaceutical sectors. Aamal is one of the largest diversified companies quoted on the Qatar Exchange, having been listed since December 2007.

For further information on Aamal Company, please refer to the corporate website: www.aamal.com.qa

Overview of ECE

Hamburg-based ECE has been developing, building, leasing, and managing shopping centers since 1965. The company is European market leader in the field of inner-city shopping centers with 196 managed shopping centers, 43 of which are managed by MEC METRO-ECE Centermanagement GmbH & Co. KG in a joint venture with METRO Properties. In all ECE centers, approximately 19,500 retail businesses generate around 22 billion euros in annual sales on an overall sales area of 6.5 million m². Among these shopping centers are Potsdamer Platz Arkaden in Berlin, Promenaden at Leipzig Central Station, Alstertal-Einkaufszentrum in Hamburg, and Marmara Park in Istanbul. A number of shopping centers are currently under construction or are being planned throughout Europe, among them Aquis Plaza in Aachen, Holsten-Galerie in Neumünster, and Zielone Arkady in Bydgoszcz (Poland). In the business areas Office, Traffic, and Industries, ECE also realizes other commercial properties, such as the German headquarters of Philips in Hamburg, the ThyssenKrupp Quarter in Essen, and the Steigenberger Hotel at the new Berlin Brandenburg Airport.

For more information on ECE, please refer to the corporate website: www.ece.com

© Press Release 2015