Aamal Company Q.S.C. signs a new joint venture agreement with Cometrans group
Doha, 19 January 2010 - Aamal Company QSC (Aamal), one of the GCC’s fastest growing diversified conglomerates, today announces it has signed a Joint Venture Agreement with leading transport infrastructure company Cometrans Group of Argentina to establish “Cometrans Qatar”.
In line with Aamal’s strategy for diversification into new, high growth revenue streams, the new joint venture will focus on the development and operation of the newly announced rail systems to be built in Qatar and the GCC and will also create a manufacturing facility for the assembly of buses and other industrial vehicles. This new joint venture will develop strong trading links with Latin America and seek to generate other international business opportunities.
Cometrans Group is one of Argentina’s leading industrial Companies and has been in the market for over 60 years with a growing international footprint.
“Aamal’s strong market and financial position is attractive to foreign investors who are looking for established business partners that can help them penetrate the growing local and regional market.”
Comment
His Excellency Sheikh Faisal Bin Qassim Al Thani, Chairman of Aamal Company said:
“I am delighted to announce this new joint venture with Cometrans Group. This is an important milestone for Aamal and a major step towards achieving Aamal’s long term objectives of creating a solid industrial base with the best technologies, know-how and expertise. Aamal’s approach is considered to be particularly entrepreneurial in the business sector with its ongoing efforts to bring in innovative investments that have potential to grow and develop and meet the economy’s growing needs. At the same time Aamal’s rigorous investment evaluation process seeks to minimise investment risk and increase profitability to safeguard shareholder interests.
Mr. Claudio Cirigliano, President of Cometrans Group said:
“Qatar represents a great investment opportunity for us in a thriving economy with a transparent regulatory environment. We look forward to working with Aamal Company to develop a highly profitable joint venture together.
Enquiries
| Aamal Company | |
| Arwa Goussous, Corporate Communications Manager | +974 513 9539 |
| Citigate Dewe Rogerson | |
| Seb Hoyle | +974 452 8335 |
| Ged Brumby | +44 (0) 20 7282 2996 |
| Habib Bacha (for Arabic media) | +971 (0)2 401 2612 |
About Aamal Company QSC
Aamal is one of the GCC’s fastest growing diversified conglomerates, delivering a CAGR in operating profit of 23% from 2006-2008 and generating revenues of QAR 651m (US$179m) in 2008. Focused on sustained, profitable growth and strongly diversified for balanced exposure across Qatar’s growing economy, Aamal’s operations comprise of over 16 business units with market leading positions in the key property management and development, industrial, retail, managed services, medical equipment and pharmaceutical sectors. Listed on the Qatar Exchange, Aamal currently ranks in the top 10 listed companies by market capitalisation.
About Cometrans Group
Operating in Argentina, Brazil, Chile, Peru, Uruguay and United States and with over 60 years experience in the rail, bus, and transport infrastructure industry, Cometrans S.A. is one of the largest and most experienced operators in South America. Employing over 9,000 people and with over 1,450 different transport vehicles, Cometrans transports over 181 million rail passengers every year in Argentina, over 65 million passengers every year on the Peruvian BRT system and more than 210 million passengers by buses over its automotive routes throughout South America.
