Doha Cables wins $337mln Kahramaa deal

DOHA - Aamal Company (Aamal), one of the GCC’s fastest growing diversified companies, has announced that Doha Cables – a fully-owned subsidiary of Senyar Industries Qatar Holding in which Aamal is a 50 percent shareholder – has won a two-year contract from Qatar General Electricity & Water Corporation (Kahramaa) to supply LV, 11 KV and pilot power cables.

The QR1.24bn-contract is for a call-off agreement under which Doha Cables will provide materials to Kahramaa within two days of an order being placed. The contract tender process commenced in August 2017 and Doha Cables was informed last month that its bid had been successful. Winning this contract is expected to positively impact Doha Cables’ revenues for the first quarter of 2018, during which period the first order has been placed.

Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company commented: “We are very pleased that Doha Cables has been awarded such a major contract. Doha Cables is proud to be Qatar’s first cable manufacturing facility and supplying cables to as prestigious an organisation as Kahramaa signifies another significant milestone in its development, as well as in the continued growth of Senyar Industries Qatar Holding. The industrial sector is a key focus for Aamal and winning mandates such as this will be of benefit to all our stakeholders.”

Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman and Managing Director of Aamal, commented: “We are delighted that Kahramaa has selected Doha Cables and will work hard to ensure that it is a combination that benefits the local market and economy. This is a contract which is very much in line with Aamal’s overall strategy and is further evidence of our market-leading position in the industrial manufacturing sector.”

Aamal is one of the GCC’s fastest growing diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As on 18 February 2018, the Company had a market capitalisation of QR5.5bn.