Construction of QIMC Tower

Agreement signing ceremony with the Redco Construction – Almana Company

H.E Sheikh Abdulrahman bin Mohammed bin Jabor Al Thani, Chairman of Qatar Industrial Manufacturing Company (QIMC), has signed an agreement with the Redco Construction – Almana Company for the construction of mixed towers consisting three towers on QIMC’s land in Al Corniche Street.

The expected cost of the complete project is QRs 1.2 billion. The towers consist of a base of 120,000 square meters, including an underground parking area. Each tower will differ from the other two towers in size and usage. The 29-storey residential tower will offer first-class views of the Corniche and the Bay with balconies of various sizes and features a range of amenities including a spa, gym and swimming pool. The second tower will consist of 23 floors for full office space. The third tower, comprising 38 floors, will be a Luxury Hotel.

A 5-storey base connects the three towers to each other and is designed for commercial activities that will host the public for shopping, dining and relaxation at the Corniche and a large number of parking spaces.

Mr. Abdulrahman Al Ansari, Chief Executive Officer of QIMC said: “QIMC has a unique location on the Doha Corniche, and we are seeking to use this space better by constructing the towers in partnership with reputed international and local consultants. QIMC has so far participated in 20 industrial projects, most of them are in the production stages in various industrial sectors, including petrochemical, chemical, construction and food. In addition, number of new projects are in the stage of incorporation.

The State of Qatar has given great importance to the need of private sector involvement in the economic development process in the country by investing in small and medium industries. This trend was evident in the establishment of the Qatar Industrial Manufacturing Company in 1990, in which the State shared 20% in equity.

163.5 million Riyals profits for QIMC in 9 months

 

H.E. Sheikh AbdulRahman Bin Mohamed Bin Jabor Al-Thani, Chairman of the Board of Qatar Industrial Manufacturing Company (QIMC) has announced QIMC’s financial results as of September 30, 2017. QIMC has achieved a net profit of QRs 163.5 million, compared to QRs 163.1 million for the same period in 2016 and Earnings Per Share of QRs 3.44 compared to QRs 3.43 for the same period in 2016.

Total shareholders’ equity amounted to 1,537 million riyals compared to QRs 1,516 million riyals for the same period in 2016.
H.E. Sheikh Abdulrahman Bin Mohammed Bin Jabor Al- Thani, Chairman of the Board has expressed his sincere thanks and gratitude to H.H. Sheikh Tamim Bin Hamad Al-Thani – Emir of the State of Qatar, H.E. Sheikh Abdulla bin Nasser Al-Thani – Prime Minister and Minister of Interior and the wise Government, for the sustained support and assistance extended to QIMC.

113.4 Million Riyals profits for QIMC in first half, a growth of 16.6%

QIMC announced its half year consolidated financial results of 2017. It has achieved a net profit of QRs 113.4 million, compared to QRs 97.2 million for the same period in 2016, an increase of 16.6% and Earnings Per Share QRs 2.39 compared to QRs 2.05 for the same period in 2016.

QIMC strives to achieve growth in return on capital by increasing operating profits and reducing operation costs as well as improving asset management.

The company is proud to contribute effectively to Qatar’s self-sufficiently through its diverse products such as building materials, chemicals, plastics, paper products and food.

H.E. Sheikh Abdulrahman bin Mohammed bin Jabor Al- Thani, Chairman of the Board has expressed his sincere thanks and gratitude to H.H. Sheikh Tamim Bin Hamad Al-Thani – Emir of the State of Qatar, H.E. Sheikh Abdulla bin Nasser Al-Thani – Prime Minister and Minister of Interior and the wise Government, for their sustained support and assistance extended to QIMC.

QIMC and Doha Bank sign a term loan agreement

Qatar Industrial Manufacturing Company (QIMC) signed a term loan agreement with Doha Bank to finance QIMC’s new mixed-use development project, Abraj Al Tahwiliya.

 

Currently undergoing the foundation phase, the project entails three towers, each of a different size and for a different purpose. Joined at the base, their size totals almost 11,000m2, located at the West Bay of the Corniche.

 

The first tower is a 29-story residential tower which includes a spa, gym and a swimming pool, and apartments offering residents a sea-view of the Corniche. The second is a 24-story tower consisting of office spaces, while the third is a 38-story tower containing 360 luxurious hotel apartments.

 

Mr. Abdul Rahman A. Al-Ansari the CEO of QIMC said: “QIMC was blessed with land on Doha’s Corniche which we are making best use of by developing Abraj Al Tahwiliya in partnership with leading International and local consultants. We are thrilled to be working alongside Doha Bank, as they are helping us to finance this project, it is allowing us to work rapidly and aids in having the towers completed in due time.” Mr. Al Ansari continued, “The towers are really set to bring the Corniche to life with its residential and retail activities.”

 

The loan agreement was signed by Mr. Abdul Rahman Al Ansari, CEO of QIMC as well as Dr. Raghavan Seetharaman, CEO of Doha Bank.

 

Dr. Seetharman stated: “The implementation of projects would have a positive impact on the economic growth and contribute to sustainable development of the economy, the International Monetary Fund expects Qatar to achieve an overall GDP growth rate of 3.4% in 2017. Under the guidance of the Board of Directors, Doha Bank continues to be committed in financing such projects which will further boost the local economy.”

 

KPMG acted as the lead planner to QIMC for structuring and arranging this financing facility.   KPMG invited all major Qatari banks who showed keen interest to participate and provided highly competitive bids.  The successful outcome demonstrates strong and continued desire of local banks to support economic growth and diversity.