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Aamal Company unit acquires new vessel to enhance operational capacity.

The acquisition of Al Rayan was funded using internal sources, an Aamal Company spokesman said.

Aamal for Maritime Transportation Services (AMTS), a subsidiary of Aamal Company, has acquired a new vessel that will expand its fleet and enhance operational capacity.

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, an Aamal Company spokesman said in a communique to the Qatar Stock Exchange.

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.

Since it was established just a few months ago, AMTS has seen considerable demand for its services and has proved what an important role it has to play, Aamal Company vice-chairman Sheikh Mohamed bin Faisal al-Thani said.

"I am confident that this expansion of the AMTS fleet will lead to further success," he said, adding the development of AMTS is a demonstration of Aamal's ability to closely monitor market needs and hence find new sources of income.

Highlighting that AMTS' expansion would depend on market demand; Tarek M El Sayed, managing director, Aamal Company, said "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."

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Publication:Gulf Times (Doha, Qatar)
Date:Mar 13, 2016
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