29 December 2003
Doha: Qatar Industrial Development Bank (QIDB) yesterday signed an agreement with Future Pipe Group to set up Future Pipe Industries Qatar company at the cost of QR56m that is to produce glass reinforced polyester (GRP) and glass reinforced epoxy (GRP) pipes.
QIDB Chairman, Sheikh Abdullah bin Saud Al-Thani said the company, which has thirty Qatari shareholders, would provide an appropriate basis for the production and marketing of high quality pipes in conformity with international standards that would meet the country’s requirements and also provide training to the Qatari workforce.
He said he was looking forward for further cooperation between the Qatari representatives and Future Group in the board of directors that is to be elected soon.
He said QIDB would follow up the progress made by the new company and voiced the hope that it would become one of the companies with international renown in the field.
The establishment of the company is part of QIDB’s drive to promote companies that provide technology, marketing and jobs to Qatari workforce as well as encouraging foreign investments in industrial projects, he explained.
QIDB Chairman, Sheikh Abdullah bin Saud Al Thani and Future Pipe Group Chairman, Fuad Al-Makhzoumi signed the agreement.
Also present at the signing ceremony were QIDB General Manager Sheikh Hamad bin Nasser Al Thani, QIDB Assistant GM, Shawqi Abdul Aziz Al-Mahmoud, Qatar Chamber of Commerce and Industry Chairman, Mohamed bin Khaled Al Mana, and a number of the company’s shareholders.
Sheikh Abdullah bin Saud Al-Thani also said that QIDB provides suitable environment to encourage foreign investments in Qatar and participate in the industrial development.
He said today QIDB has become a centre that attracts numerous foreign companies seeking to set up their industrial centres in the region and that the bank is capable of meeting all the requirements of these companies in a way that ensures their investments are profitable.
Shauqi Abdul Aziz Al-Mahmoud, Assistant General Manager and Head of Joint Industrial Projects Working Group noted that the capital for the project was covered twice the required amount, which reflects the strong willingness of the Qatari private sector to enter in the field of industrial development and contribute to national economy through investments in similar projects.
Doha: Qatar Industrial Development Bank (QIDB) yesterday signed an agreement with Future Pipe Group to set up Future Pipe Industries Qatar company at the cost of QR56m that is to produce glass reinforced polyester (GRP) and glass reinforced epoxy (GRP) pipes.
QIDB Chairman, Sheikh Abdullah bin Saud Al-Thani said the company, which has thirty Qatari shareholders, would provide an appropriate basis for the production and marketing of high quality pipes in conformity with international standards that would meet the country’s requirements and also provide training to the Qatari workforce.
He said he was looking forward for further cooperation between the Qatari representatives and Future Group in the board of directors that is to be elected soon.
He said QIDB would follow up the progress made by the new company and voiced the hope that it would become one of the companies with international renown in the field.
The establishment of the company is part of QIDB’s drive to promote companies that provide technology, marketing and jobs to Qatari workforce as well as encouraging foreign investments in industrial projects, he explained.
QIDB Chairman, Sheikh Abdullah bin Saud Al Thani and Future Pipe Group Chairman, Fuad Al-Makhzoumi signed the agreement.
Also present at the signing ceremony were QIDB General Manager Sheikh Hamad bin Nasser Al Thani, QIDB Assistant GM, Shawqi Abdul Aziz Al-Mahmoud, Qatar Chamber of Commerce and Industry Chairman, Mohamed bin Khaled Al Mana, and a number of the company’s shareholders.
Sheikh Abdullah bin Saud Al-Thani also said that QIDB provides suitable environment to encourage foreign investments in Qatar and participate in the industrial development.
He said today QIDB has become a centre that attracts numerous foreign companies seeking to set up their industrial centres in the region and that the bank is capable of meeting all the requirements of these companies in a way that ensures their investments are profitable.
Shauqi Abdul Aziz Al-Mahmoud, Assistant General Manager and Head of Joint Industrial Projects Working Group noted that the capital for the project was covered twice the required amount, which reflects the strong willingness of the Qatari private sector to enter in the field of industrial development and contribute to national economy through investments in similar projects.
© The Peninsula 2003
