Doha Cables (AL FAISAL) wins 1.24billion Kahramaa contract

Doha Cables — AL FAISAL Group, in which AAMAL Company is a 50% shareholder — has been awarded a two-year QR1.24bn contract by Qatar General Electricity and Water Corporation (Kahramaa) for supplying low- and medium-voltage electric cables. Notice, that AL FAISAL holds an agreement with Kahramaa and AL RAYYAN for marine-cable installation of Banana island by Anantara in Doha, with the consultation of POWERGLOBE QATAR (the energy arm of AL FAISAL Group).

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 provide materials to Kahramaa within two days of an order being placed, Aamal Company said in its regulatory filing with the Qatar Stock Exchange.

His Excellency Sheikh Mohammad Bin Faisal Al-Thani, Vice Chairman and Managing Director of AAMAL, VC of AL FAISAL HOLDING, Chairman of POWERGLOBE QATAR

 

The contract is for supplying six types of low- and medium-voltage electric cables totalling 6.65mn metres, in accordance with the technical specifications determined by Kahramaa. The contract tender process commenced in August 2017 and Doha Cables was informed last month that its bid had been successful, the filing said, adding winning this contract is expected to positively impact Doha Cables’ revenues for the first quarter of 2018, during which period the first order has been placed.

“Doha Cables is proud to be Qatar’s first cable manufacturing facility and supplying cables to as prestigious an organisation as Kahramaa signifies another significant milestone in its development.The industrial sector is a key focus for Aamal and winning mandates such as this will be of benefit to all our stakeholders,” Aamal Company chairman  Sheikh Faisal bin Qassim al-Thani, said.

Sheikh Mohamed bin Faisal al-Thani, vice-chairman and managing director of Aamal, said Kahramaa has selected Doha Cables and would work hard to ensure that it is a combination that benefits the local market and economy.  “This is a contract which is very much in line with Aamal’s overall strategy and is further evidence of our market-leading position in the industrial manufacturing sector,” he added.

Sources: QGN, Reuters, QGT, AL JAZEERA, ABC news.