The Qatari government has given a 'green light' to a new venture that proposes to market gravel and other construction materials which are in short supply due to a continuing construction boom in Qatar.
Minister of Economy and Commerce Sheikh Mohammed bin Ahmed bin Jassem Al Thani, has issued a ministerial decision allowing the launch of a QR120 million shareholding company that would import and transport gravel and other transportation materials for local use.
The venture is being promoted jointly by Qatar Shipping Company (Q-Ship), Qatar National Navigation and Transport Company (QNNTC), Qatar Real Estate Investment Company and Qatar National Cement Company (QNCC).
Social and educational bodies such as Qatar Foundation and Retirement and Pension Fund are the other equity holders in the project, which will have QR60m as paid-up capital, according to The Peninsula.
The company is in principle also allowed to own real estate and build and operate special ports needed for handling vessels that carry gravel and construction materials. Currently, Messaieed port handles such ships.
Gabbro, the main gravel used especially in building roads, is imported from Ras Al Khaimah and it is said to be in extremely short supply. The company is also permitted to set up crushing units.
Members of board of directors of the proposed company are expected to meet Monday and begin work on its launch. (menareport.com)
© 2004 Mena Report (www.menareport.com)
