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11 December 2016
S’HAIL Shipping & Maritime Services, a Qatari private shareholding company has announced the decision to set up Qatar's first private shipping and maritime services company. The general assembly of the shareholders has given the nod to the board of director’s recommendation to launch the new entity, the company announced yesterday
S’HAIL Shipping & Maritime Services, a Qatari private shareholding company has announced the decision to set up Qatar's first private shipping and maritime services company. The general assembly of the shareholders has given the nod to the board of director’s recommendation to launch the new entity, the company announced yesterday
Mohammed Khalifa Abdullah Al Sada, Chairman of S’HAIL Shipping & Maritime Services, commented:“The idea of creating a "S’HAIL shipping & Maritime Services" began in 2015, to take advantage of the urban development in Qatar, particularly in the area of shipping of Gabbro.”
Qatar’s heavy demand for Gabbro and its huge import from UAE along with the absence of Qatari companies’ operation in the sector prompted the board to think about launching the company. S’HAIL shipping & Maritime Services has plans to buy seven used ships not older than 12-15 years, which are currently operating in the global market.
Addressing the general assembly Al Sada said the company is currently negotiating for the purchase of two ships and discussions for the purchase of more vessels will be held in next year. The price per vessel ranges from $4.5m to $6m.
More than 50 companies are involved in importing primary construction materials including Gabbro. S’HAIL is ready to cooperate with these companies.
He said that the company might go public and listed on Qatar Stock Exchange (QSE) in another two years, after getting required regulatory approvals.
© The Peninsula 2016