The Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada and Vice Chairman and Managing Director of Alwaseeta, Ali Hassan Al Sidky, unveiling the new logo yesterday.
BY MOHAMMAD SHOEB
DOHA: Qatar Intermediate Industries holding Co Ltd (Qatar Holding), a subsidiary of Qatar Petroleum (QP), yesterday unveiled the company’s new identity ‘Qatar Intermediate Industries Co Ltd’ (‘Alwaseeta’ in Arabic), and also announced details about its QR5bn expansion plan to diversify the economy in line with Qatar National Vision 2030.
Alwaseeta (under its new brand name) is working on five new projects worth QR3bn in Qatar, and is also busy in evaluating and exploring viable investment opportunities overseas in the intermediary industries.
At the unveiling ceremony, the Minister of Energy and Industry and Chairman of the Alwaseeta Board, H E Dr Mohammed bin Saleh Al Sada, said: “We are changing the logo and the character of the company as Alwaseeta, which roughly means ‘intermediate industry’. This will help avoid any mix-up or confusion with another company by the same name (Qatar Holding, an investment arm of the Qatar Investment Authority) which also has an international presence.”
Dr Al Sada, while speaking to the media on the sidelines of the event, reiterated that the initiative aims to consolidate the character of the company.
Al Sada added: “The change of the company’s name coincides with a reinvigorating drive towards Alwasseta’s vision of creating partnerships and investment opportunities for the downstream intermediate industrial ventures.”
“Currently we are focusing to expand our investment inside and outside Qatar to diversify our economy. We have new factories and refineries and also upgrading the existing refineries located in Mesaieed Industrial City.”
Asked if it would mean a change in the company’s business strategy, he said: “We will continue to focus on intermediate industries to promote small and medium enterprises (SMEs) capitalising the winning propositions of Qatari industries, feedstock availabilities to achieve the visionary objectives of the Emir H H Sheikh Hamad bin Khalifa Al Thani.”
Alwaseeta has many joint venture companies and assets in Qatar that produces intermediate products such as alkaline, benzene and industrial gas, and it also has stakes in Qatar Melamine Company (QMC) with Qafco.
He further added that the company also has presence outside Qatar, and as part of its expansion plan, it is busy negotiating with some Korean companies to acquire more assets in the same line of industries.
“The company is also evaluating investment opportunities in the intermediate industries in Africa, Europe and Far East Asian countries including Korea,” he said.
“Alwaseeta has stakes in many companies, but the idea is to foster and develop more companies to utilise the feedstock available locally. However, these companies will also import the catalysts from outside,” said Al Sada.
The proposed enhancement in production will be made for dual purpose, domestic consumption as well as export.
Vice Chairman and Managing Director of Alwaseeta, Ali Hassan Al Sidky, said: “At the moment we are in very advanced stages (close to feed-stage) on two hydrocarbon projects and three metal projects worth QR3bn.”
Asked if the company is considering for initial public offerings (IPOs), he said: “As of now we are not going to issue any IPO, but we will be issuing in future.”
Despite prodding he did not specify any date for the same, adding: “Regarding IPO, it is for the government to decide. However, we will explore every opportunity that we have to finance our projects.”
“We are investing in possibly all kinds of intermediary industries to utilise the feedstock and raw materials available in Qatar mainly from Qatar Petroleum and government’s upstream industries,” said Al Sidiky. The event was attended by dignitaries and senior level executives and guests from local and international companies.
The Peninsula
