Aamal Company, one of the region’s fastest growing diversified companies, has announced that it will set up three new industrial projects through its subsidiary Senyar Industries Qatar Holding.

Senyar Industries Qatar Holding is among Qatar’s leading industrial groups in which Aamal is a 50 per cent shareholder. It currently owns and operates two main divisions - Doha Cables, the first cable manufacturing facility in Qatar, and El Sewedy Cables Qatar.  

Aamal plans to develop a copper production facility; an aluminium production facility; and a drum production facility, said a statement from the company.

These three new factories will be the first of their kind in Qatar and represent an important new development in supporting Qatar’s industrial transformation and fulfilling the needs of the Qatari market, it said. The projects will be funded using a combination of equity and debt, it added.

Senyar Industries Qatar Holding will own 100 per cent of all three factories and is in the process of obtaining all the necessary approvals to start their construction, it added.

The first factory is the Senyar Copper Production Factory, with capital of QR95 million ($26.09 million), will specialise in the production of copper wires and is expected to be completed in the first quarter of 2019, said the statement.

The second factory Senyar Aluminum Production Factory, with capital of QR10 million ($2.75 million), will specialise in the production of aluminium bars. The expected completion date is the end of 2019.

Finally, ‘Senyar Drum Production Factory’, with capital of QAR10 million ($2.75 million), will specialise in the production of wooden and steel cable drums and is expected to be ready by the end of 2018.

Sheikh Faisal bin Qassim Al Thani, chairman of Aamal Company, said: “These significant new projects which Senyar Industries Qatar Holding is launching are very much in line with Qatar’s vision of industrial diversification and of ensuring that industry is a key source of income for the economy, as well as fulfilling the country’s relentless drive towards achieving self-sufficiency.”

“We have previously said that our company has been studying several investment opportunities in the industrial sector and I am very pleased to today introduce these three industrial projects which fit so well with our overall strategy and which will underpin our market-leading position within the industrial manufacturing sector,” he said.

“Once those three projects are completed, we will have an integrated cycle for cable manufacturing that will fulfil the local market needs as a first step before we then export to other markets,” he added.

Al Thani continued: “Furthermore, we have plans to add other projects that will support the various industrial sectors in Qatar. Being the first in the country to meet the increasing market demand for these products will provide us with an excellent opportunity for further growth and will benefit all our stakeholders.”

Sheikh Mohamed bin Faisal Al Thani, vice chairman and managing director of Aamal Company, said: “We are very pleased to announce these three major industrial projects, all of which reflect our company’s ability to create new revenue streams which support our medium-term growth plans while also creating synergies with our other industrial activities.”

“Today’s announcement signifies the creation of a strong and natural growth platform for Senyar Industries Qatar Holding’s two divisions; as well as being able to offer these products to the market, existing businesses will become even more efficient through the availability of local raw materials and, therefore, an enhanced supply chain,” he added.

“One of our company’s great strengths is our ability to identify and capitalise on investment opportunities and our ability to meet the increasingly sophisticated needs of the market. We believe in building through careful diversification and we have established an enviable and successful track record of delivery against this strategy,” he said.

“I have no doubt that these three projects will add further value to our business model,” he concluded. – TradeArabia News Service