HE al-Attiyah outlines Woqod International’s expansion plans. Right: The Woqod Tower.

By Santhosh V Perumal/Business Reporter

 

Woqod International is planning foray into other promising markets, including Europe, as part of its expansion strategy for which it has an “open” budget.

“We are thinking about that. Now we have lot of opportunities,” Woqod Chairman HE Abdullah bin Hamad al-Attiyah told reporters on the sidelines of the inauguration of new corporate tower.

He was replying to a query whether Woqod International – a holding entity to manage the international expansion of Woqod’s businesses – has any plans for acquisitions in the global markets.

The Qatari company, which has just started its operations in the neighbouring Saudi Arabia, is carefully evaluating the potential for acquisition and new projects, he said.

“We are even searching in Europe and other different areas. But we will have to be very careful,” said al-Attiyah, who is also the President of the Qatar Administrative Control and Transparency Authority.

Stressing that (opening) gas stations (outside Qatar) were not the only target, he said there are different options in different countries for acquisitions and new projects.

Being a shareholder company, Woqod will take calibrated steps on its investments, he said, adding budget was not a constraint for its ambitious overseas expansion.

“It (budget) is open. There is no limit. When there are good acquisitions, we will go,” he said.

He said Woqod has already started exporting its lubricants (Ghaff) to Iraq, Jordan, Saudi Arabia, Oman and the UAE.

As part of its new strategy to expand on regional as well as global levels and explore investment opportunities overseas, Woqod International has been established to “act as a platform for possible and economically viable foreign investments, Woqod vice chairman and managing director Turki Mohamed al-Sobai had earlier said.

Earlier, al-Attiyah inaugurated the Woqod Tower, which comprises 34 floors and sits on a flat site of 3,500 sq m.

“Today, we are happy to share with you the inauguration ceremony of our head quarter at the West Bay after obtaining all the necessary documents and fulfilling all the safety and security requirements which took us a quiet long time,” al-Sobai said.

He said the building’s exterior is framed by energy-efficient LED lights running along the building to illuminate Doha’s skyline.

Woqod’s head office, which occupies floors from 14 to 30, includes the board meeting room, chairman’s office, the offices of vice-chairman and managing director, in addition to an auditorium that can accommodate more than 100
people.