Posted on March 14, 2016

Aamal for Maritime Transportation Services (“AMTS”), a subsidiary of Aamal Company Q.S.C., announces the acquisition of a new vessel which will expand the AMTS fleet and enhance its operational capacity.

AMTS was established in September 2015 in order to ensure security of supply for Gulf Rocks, an Aamal Company subsidiary and a leading importer and provider of high quality gabbro aggregates which are widely used in the different concrete products necessary for Qatar’s infrastructure development programme. The new AMTS vessel has a capacity of 56,859 tonnes and will also be available for lease to other companies. Its acquisition was funded using internal sources.

Sheikh Mohamed Bin Faisal Al Thani, Vice Chairman of Aamal, commented: The development of Aamal for Maritime Transportation Services is a demonstration of Aamal’s ability to closely monitor market needs and so find new sources of income. Since it was established just a few months ago, Aamal for Maritime Transportation Services has seen considerable demand for its services and has proved what an important role it has to play. I am confident that this expansion of the AMTS fleet will lead to further success.”

Mr. Tarek M. El Sayed, Managing Director of Aamal, added: “When we established Aamal for Maritime Transportation Services, we clearly stated that its expansion strategy would depend on market demand.  This has been so positive that we are today announcing the acquisition of a new vessel to achieve optimal use and meet the needs of the market. When it is not being used by Aamal, we will be able to further enhance revenues by leasing this new vessel to other companies.”