Aamal Company, one of the region’s largest and most diversified companies, is planning to expand further its exports, particularly to Asia, which it sees as an attractive potential market for its products.
On the domestic front, it is focusing on industrial manufacturing, real estate, and healthcare and other high-growth sectors such as information technology, said Rashid bin Ali al-Mansoori, Chief Executive Officer of Aamal Company.
Aamal, which already has allowed up to 100% foreign ownership limit, enjoys a strong financial position and a low gearing ratio of 2.04% with significant liquidity amounting to QR7.9bn at the end of 2022.
"At present we are doing fine and we are sufficiently capitalised as we look at better ways of financing the projects whenever the opportunities arise," al-Mansoori said.
The fast-growing entity is considering geographic expansion by increasing exports from its existing factories in Qatar as well as keeping options open on establishing new factories in the region, according to him.
"In Aamal, we have the potential and opportunities to take our services outside Qatar; thanks to the experience we have built over many years," he said in an interview.
Highlighting that it is already exporting to the Middle East and Asia; he said "we are trying to increase our presence in the region, mainly in Asia, which is a potential market for our products."
Aamal Company has plans to produce high quality continuous cast copper rods in line with global standards through its Senyar Cast Copper Rod plant, creating opportunities in 2023 and beyond.
The copper rod mill will have an initial production capacity of 86,000 tonnes per year. The factory is expected to be completed in 2023
Doha Cables is expecting higher demand from the energy sector this year with energy and net zero challenges seeing high EPC demand in the EHV Underground cable business both globally and in Qatar.
Additional opportunities exist within the North Field Expansion project and the new ammonia plant launched by Qatar Fertilisers.
The company’s subsidiaries have won many contracts this year. The list includes QR1.2bn contract from Kahramaa for the establishment of new underground extra high voltage/high voltage cables (EHV/HV) in addition to different voltage levels from 132kV, 66kV and modifications of the existing circuits; QR100mn contract from Mowasalat for the provision of both cleaning and pest control services, and vehicle washing services; QR45mn contract from The Ministry of Municipality to provide cleaning services to all premises and sites, and maintenance of lavatories that belong to the ministry; and QR40mn contract from Ashgal for the supply of ready-mixed concrete products to Wakra and Wukair drainage tunnel project.
Aamal is looking to establish synergies among its business operations, enhancing its operational and financial efficiency.
Stressing that healthcare is one of the priority areas for Qatar; al-Mansoori said the company is evaluating all opportunities.
This year, Ebn Sina Medical, which comes under trading and distribution, will focus on the acquisition of new businesses mainly in the therapeutic areas of oncology, rare diseases and genetic disorders in addition to registering and launching new products.
Aamal Medical, a leading medical equipment supplier in Qatar, finds growth potential in the market lay in the areas of health IT, radiology, laboratories, operating theaters, and chronic disease/home care areas.
Aamal Trading and Distribution is planning to further increase their market share this year through increasing its presence across Woqod petrol stations, opening new retail stores, increasing the product offerings and establishing an online sales platform.
In its property division, which has a strong weighting amongst Aamal’s operations, al-Mansoori said it is seeing high demand for leasing at City Center Doha due to its key location and accessibility.
The mall welcomes around 30,000- 40,000 visitors every day and this year will see new shops opening, enhancing the brand and tenant mix. Aamal is also finalising phase two of the eastern exterior façade and completing the leasing of the Gold Souq area, as well as focusing on family-oriented marketing activities that will attract more customers.
Rashid bin Ali al-Mansoori, Chief Executive Officer, Aamal Company.
