Aamal seeks to expand footprint outside of Qatar

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Doha, Qatar: Aamal Company (Aamal) plans to expand its business beyond GCC and is seeking a potential partnership to export its products, said a senior official.

“We are looking to expand Aamal’s operations beyond the boundaries of Qatar. Our strategy is firstly to enhance our services in Qatar and keep growing, and secondly to look to a potential partnership to help us export outside of Qatar,” said Aamal Company Chief Executive Officer, Rashid Ali Al Mansoori, talking to The Peninsula.

The official also spoke of a visit to Africa and Asia to explore potential opportunities for the company to expand its footprint. “The growth in the GCC region is better than the worldwide growth. Since we were established, our strategy at Aamal is based on diversification and continually applying the high standards which have helped us to gain attraction and our good reputation. So, it’s important for Aamal to find neighbouring countries to expand into, especially in manufacturing, and also to go beyond the GCC and worldwide,” he added.

Diversity stands as a foundational principle for Aamal, fueling growth through 30 dynamic business units with market leading positions in key growth sectors including industrial manufacturing, real estate, medical equipment and pharmaceutical, automotive and managed services sectors. The company’s diversified business model has proven its resilience and shown strong growth.

The company’s subsidiaries are working to advance the Qatar National Vision 2030, Al Mansoori noted, and Aamal Company is one of the major listed companies on the Qatar Stock Exchange (QSE). “Diversification of activities is our strength and we have the ambition to grow and continue to support the Qatar National Vision 2030.”

The company seeks to take advantage of the growth opportunities enabled by the National Vision and to leverage its position as a leading participant across various key economic sectors.

“Under the trading sector we have the automotive, pharmaceutical and the medical equipment activities and we are also looking to expand more into oil and gas, electric vehicles, and the IT sector. All these are our plans and we are already putting in cornerstones for these new sectors. We have also started to negotiate some deals with potential joint ventures,” he added.

“In the industrial sector we are the major supplier of copper cable in Qatar. We produce a very high standard of copper cables and have won a contract with Kahramaa for QR1.2bn.”

Since the beginning of the year, Aamal subsidiaries have successfully won key contracts such as Elsewedy Cables Qatar being awarded a 30 month EPC contract by Kahramaa. This contract is for the establishment of new underground Extra High Voltage / High Voltage Cables (EHV/HV) in addition to different voltage levels from 132kV, 66kV and modifications of the existing circuits.

Speaking during the interview, Al Mansoori went on to say that “We also have a subsidiary which produces concrete and cementing. We are a leading producer of paving stones and concrete blocks.” Aamal Cement Industries supplies a range of curb stones and concrete blocks for a variety of uses including highways, walkways, and bus stops.

“Another important sector is the pharmaceutical and medical sector. We are one of the largest distributors of medicine in Qatar and a market leading supplier for pharmaceuticals, medical equipment and automotive products across Qatar.

In the real estate sector, Aamal’s flagship–the City Center–is one of the oldest and most renowned shopping malls. The footfall is between 30,000 to 40,000 visitors per day which makes it one of the best destinations for shoppers.”

Commenting on the recent award of a contract worth QR15.4m he said, “We have always been chosen for our quality of services. This contract is for the provision of hospitality services across all premises belonging to the Ministry of Municipality and is one of a series of contracts awarded to Aamal Services this year.”

Elaborating about the company’s ESG framework, the official stated “We are committed to applying corporate governance practices of the highest standards. There are a lot of opportunities across sustainability, ESG, and society.”

Responding to a query regarding the momentum in the Qatari market after the FIFA World Cup 2022, Al Mansoori said, “Qatar’s economy is always growing and will continue to grow as there are a lot of projects and opportunities such as the North Field Expansion.”