Doha Cables has been awarded a two-year contract worth QR1.24 billion ($337 million) by Qatar General Electricity and Water Corporation (Kahramaa) for supply of low- and medium-voltage electric cables.
As per the deal, the Qatari firm will supply six types of low- and medium-voltage electric cables totalling 6.65 million m, in accordance with the technical specifications determined by Kahramaa, reported The Gulf Times, citing a statement from Aamal Company.
A major Qatari group, Aamal Company is a 50 per cent stakeholder in Doha Cables' parent organisation - Senyar Industries Qatar Holding.
The contract, whose value is adjusted to the market price of copper at the time of lot order placed by Kahramaa, is for a call-off agreement under which Doha Cables would begin providing materials to Kahramaa within two days of an order being placed, Aamal Company said in its regulatory filing with the Qatar Stock Exchange, said the report.
The Doha Cables' big win is likely to positively impact its revenues for the first quarter, said the report citing a top Aamal Company official.
"The industrial sector is a key focus for Aamal and winning mandates such as this will be of benefit to all our stakeholders,” remarked its chairman Sheikh Faisal bin Qassim Al Thani.