18 April 2017
Aamal Company is undertaking “careful” diversification strategy by identifying sectors that offer investment opportunities, especially in ready-mix, medical and real estate in Qatar to ensure new and profitable revenue streams as well as sustainable growth.
“We will continue to track Qatar’s rapid economic development to identify sectors that offer investment opportunities for sustainable growth and returns by meeting the increasingly sophisticated needs of the local market: from industrial manufacturing, to trading, to business services, to property,” Aamal Company chairman Sheikh Faisal bin Qassim al-Thani told shareholders at the annual general assembly meeting.
Asserting that the group believes in building strength through “careful” diversification and have established an enviable and successful track record of delivery against this strategy, often in collaboration with world class partners in their respective markets, he said Aamal is well positioned to gain directly from Qatar’s growing economy.
Highlighting the important role that the government continues to play in helping to nurture an environment that is conducive to greater private sector involvement in the overall economy; Sheikh Faisal said the country has taken various initiatives to enhance the cooperation between the public and private sectors, which is considered a critical component to achieving its national vision.
Taking cue from the 2017 budget which saw QR42bn allocation for transportation and infrastructure projects, Aamal is planning to expand its industrial manufacturing operations further as “it is well-positioned to capitalise on the opportunities to create long term shareholder value.
Aamal Ready-mix is planning to expand its stock storage capacity this year so that it is in a better position to win new major projects and thereby increase market share.
Similarly, in 2017, Aamal Medical would continue its “aggressive” presence in the market, opening new channels for some of its existing products to the government sector and to expand further into retail mass market which has a lot of potential at the end user level.
“Aamal Medical will focus on new tenders to help ensure its success in the bidding process, aim to provide turn-key solutions and through capitalising on its newly signed partnerships, explore new business opportunities for new specialities where it was not active before (cardiology and CSSD),” the company said.
Aamal Company vice-chairman and managing director Sheikh Mohamed bin Faisal al-Thani said the second phase of City Center Doha is on track with the first few shops expected to be opened this year and with the majority of additional areas slated for opening by 2018.”Once completed, Phase 2 will result in a 12% increase in retail space,” he added.
He also highlighted that Aamal Real Estate has finalised all architectural designs and building approvals for its new Maseela complex, comprising 64 apartments, expected to be completed by the end of 2018.