Masraf Al Rayan QPSC announced that it has completed all requirements and obtained necessary approvals to increase Foreign Ownership Limit in the Bank’s capital to 100%. The Bank will process the application to increase the limit with the competent party with immediate effect.
MPHC gives the go-ahead to QVC for a new PVC project and award of relevant EPC contract
Doha, 3 April 2022 – The Board of Directors of Mesaieed Petrochemical Holding Company (“MPHC” or “the Company”; QE ticker: MPHC) has approved the award of an Engineering, Procurement, Construction (EPC) contract for a new Polyvinyl Chloride (PVC) plant by its joint venture; Qatar Vinyl Company (QVC), with a total contract value of USD 239 million.
QVC & the new PVC plant
QVC is a joint venture between MPHC with 55.2% stake, Qatar Petrochemical Company (Qapco) with 31.9% stake and QatarEnergy with 12.9% stake.
The new PVC plant’s construction is expected to be completed by mid-2025. The plant targets a nameplate capacity of 350,000 metric tons per annum of Suspension PVC (S-PVC).
The new plant will be integrated with the existing QVC facilities, located at Mesaieed Industrial City, and will source feedstock (i.e., Vinyl Chloride Monomer (VCM)) from the existing facilities. The new plant will further maximize synergies on account of efficient water & power usage; existing supply chain capabilities; while assuring sustainable operations.
Strategic realizations of the new PVC project
Being the first PVC plant in the State of Qatar, the project aims to position Qatar as a new regional player in PVC production, while reinforcing the downstream value chain. The plant will not only boost private sector industrial investments, but also provides a home-grown source of PVC and expands the economic potential of local industries.
The new PVC plant aims to meet the growing demand in the PVC-consuming industries, such as the construction industry. PVC produced at the new plant is expected to meet the domestic market demand and provide opportunities to export internationally. PVC as a product, can be handled, stored & shipped safely and seamlessly; and could be coupled with other similar products produced in Qatar to provide opportunities for optimized logistical cost structures.
The launch of a new PVC plant will improve MPHC’s strategic positioning in the downstream sector while its enhancing shareholder value. The project aims to create a competitive and sustainable PVC production facilities, that will further consolidate MPHC’s industrial output, while building strength through operational excellence and responsible growth, and diversifying its reach to newer markets.
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WIDAM FOOD: Board of Directors Nominees ( 2022 – 2024)
List of Non-Independent:
– Mr. Saad Nasser R S AL- KAABI – Qatar- BSc Business Administration – (representing) Simsima LLC for Real Estate Investment
– Mr. Safwan Fayez Hussein AL MOUBAYDEEN – Jordan- Master of Laws, UK International Trade (representing) Al-Etkan Trading LLC
– Mr. Hesham Mostafa Mohamed EL SAHATRY – Egypt- BSc Architecture Engineering (representing) Al-Tayebin Trading & Services LLC
– Mr. Ossama Nadim Ammoun – Lebanon – Bachelor of Laws and Bachelor of Arts (representing) Manazel Trading LLC
– Mr. Tony Saliba HAJJAR – USA – BSc Civil Engineering (representing) AlKura Thahabia LLC
– Mr. Nawaf Ibrahim A AL-MANA – Qatar – Masters Engineering and Business Administration
List of Independent:
– Mr. Ali Ibrahim A. AL-A.GHANI – Qatar – BSc of Business Administration
– Mr. Farhoud Hadi R A AL_HAJRI – Qatar- MBA and BSc Science
– Mr. Mohmmed Abdulla J ALKUBAISI – Qatar- BSc Mechanical Engineering
– Mr. Abdulaziz Ali A A ALMURAIKHI – Qatar- BSc Chemical Geology
– Mr. Tareq Fawzi Salem AYOUB – Jordan – PhD Engineering
– Mr. Eisa Khalid E Y AL-MASLAMANI – Qatar – Certificate of Electronics and Diploma in Business Administration
Alkhaleej Takaful Insurance: To disclose its Quarter 1 financial results on 27/04/2022
Alkhaleej Takaful Insurance discloses its financial statement for the period ending 31st March 2022 on 27/04/2022.
QLM Life & Medical Insurance Company QPSC: To disclose its Quarter 1 financial results on 25/04/2022
QLM Life & Medical Insurance Company QPSC discloses its financial statement for the period ending 31st March 2022 on 25/04/2022.
Al Faleh Educational Holding Q.P.S.C signs an MOU
Al Faleh Educational Holding Q.P.S.C announces it has signed MOU
Al Faleh Educational Holding and Al Jazeera Media Institute sign a Memorandum of Understanding
AFG College with the University of Aberdeen, a wholly owned subsidiary of Al Faleh Educational Holding Q.P.S.C and Al Jazeera Media Institute (AJMI) have signed a memorandum of understanding (MoU) on Monday March 21 during a ceremony held in the State of Qatar, enabling them to share experiences in various fields of media and research.
Commenting on the announcement of the memorandum of understanding between AFG College and Al Jazeera Media Institute, Dr. Sheikha Aisha Bint Faleh Al Thani, Chairperson of Al Faleh Educational Holding said, “Al Faleh Educational Holding always seeks to expand and enrich the college’s role in supporting the human cadre and enhancing the individual’s media skills. In addition, the college is constantly working to provide technical expertise to support and strengthen the education sector in the State of Qatar.”
Brian Buckley, Principal of AFG College with the University of Aberdeen, said the signing of the memorandum of understanding between Al Jazeera Media Institute and AFG College with the University of Aberdeen provides the starting point for the development of this unique and inspiring collaboration.
Speaking at the memorandum signing ceremony, Mounir Daymi, Director of Al Jazeera Media Institute, welcomed the cooperation between the two parties, noting the institute’s desire to strengthen its strategic academic partnerships, especially with a prestigious university such as the University of Aberdeen through AFG College. “We are now moving forward to achieve this relationship through the implementation of joint projects, activities and events that will benefit the entire education sector in Qatar and in the wider region,” he said.
Sheikh Abdulaziz bin Khalifa bin Fahed Al Thani, Senior Executive of Brand Audience and Engagement Development at Al Jazeera Media Network, praised the university’s role in its quest for development both at the local and international levels. He also pointed out, that there are objectives that bring the two parties together at the local level, led by supporting Qatar National Vision 2030, encouraging creativity, innovation, entrepreneurship and contribution to the qualification of employees in terms of knowledge, education and occupation.
“These objectives also aim to enhance the skills of the individual media and academic skills, as well as supporting the capabilities of education and applied research. The institute seeks to activate it at the media professional level and qualify competitive graduates in the labour market locally, regionally and globally, as well as pay attention to applied training and bridge the gap between the theoretical and practical aspects for students and media professionals,” he said.
The terms of the memorandum included benefiting from the training courses included in the AFG College’s annual plan, and coordinating between the two parties to cooperate in holding training programs, joint courses and workshops, and academic studies and research.
About AFG College with the University of Aberdeen
AFG College was launched in cooperation with the University of Aberdeen in 2017 as its first branch in the MENA region, through a unique partnership between Al Faleh Group for Educational and Academic Services, a subsidiary of Al Faleh Educational Holding Q.P.S.C. and the University of Aberdeen which is the UK’s fifth oldest university and was founded in 1495. The University of Aberdeen ranks among the top 160 universities in the world as per the Times Higher Education World University Rankings 2022.
Industries Qatar gives the go-ahead to QVC for a new PVC project and award of relevant EPC contract
Doha, Qatar, 3 April 2022 – The Board of Directors of Industries Qatar (“IQ” or “the Company”; QE ticker: IQCD) has approved the award of an Engineering, Procurement, Construction (EPC) contract for a new Polyvinyl Chloride (PVC) plant by its indirect joint venture; Qatar Vinyl Company (QVC), with a total contract value of USD 239 million.
QVC & the new PVC plant
QVC is a joint venture between Qatar Petrochemical Company (Qapco) with 31.9% stake, Mesaieed Petrochemical Holding Company (MPHC) with 55.2% stake and QatarEnergy with 12.9% stake. Qapco is a joint venture, wherein, IQ owns 80% of the shares.
The new PVC plant’s construction is expected to be completed by mid-2025. The plant targets a nameplate capacity of 350,000 metric tons per annum of Suspension PVC (S-PVC).
The new plant will be integrated with the existing QVC facilities, located at Mesaieed Industrial City, and will source feedstock (i.e., Vinyl Chloride Monomer (VCM)) from the existing facilities. The new plant will further maximize synergies on account of efficient water & power usage; existing supply chain capabilities; while assuring sustainable operations.
Strategic realizations of the new PVC project
Being the first PVC plant in the State of Qatar, the project aims to position Qatar as a new regional player in PVC production, while reinforcing the downstream value chain. The plant will not only boost private sector industrial investments, but also provides a home-grown source of PVC and expands the economic potential of local industries.
The new PVC plant aims to meet the growing demand in the PVC-consuming industries, such as the construction industry. PVC produced at the new plant is expected to meet the domestic market demand and provide opportunities to export internationally. PVC as a product, can be handled, stored & shipped safely and seamlessly; and could be coupled with other similar products produced in Qatar to provide opportunities for optimized logistical cost structures.
The launch of a new PVC plant, with IQ’s indirect ownership in QVC, will improve IQ’s strategic positioning in the downstream sector while enhancing its shareholder value. The project aims to create a competitive and sustainable PVC production facilities, that will further consolidate IQ’s industrial output, while building strength through operational excellence and responsible growth, and diversifying its reach to newer markets.
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QNB: To disclose its Quarter 1 financial results on 11/04/2022
QNB discloses its financial statement for the period ending 31st March 2022 on 11/04/2022.
Mannai Corporation: Holds it’s AGM and EGM on 26/04/2022 for 2021
Mannai Corporation announces that the General Assembly Meeting AGM and EGM will be held on 26/04/2022, virtually using Zoom application platform and 09:00 PM. In case of not completing the legal quorum, the second meeting will be held on 10/05/2022, virtually using Zoom application platform and 09:00 PM
First: Agenda of the Extraordinary General Assembly
1. Hearing the message of His Excellency the Chairman.
2. To consider, discuss and approve the recommendation of the Board of Directors for the disposal of all of the shares held by the Corporation in Inetum S. A., a subsidiary company of the Corporation, to a group of investors led by Bain Capital Private Equity, which includes NB Renaissance and the management team of Inetum S.A. (“Sale Transaction”) and to authorize the Board of Directors to do and perform all such acts and deeds, as may be necessary for the completion of the Sale Transaction, including finalizing and agreeing on the terms and conditions and sale price.
3. To authorize the Board of Directors or the Chairman or any persons so authorized by the Board of Directors (each an “Authorised Person”), to:
A. adopt any resolution or take any action as may be necessary to implement any and all of the above resolutions including, without limitation to give effect and to sign any documents and agreements in relation to the Sale Transaction;
B. finalise and agree the terms and conditions of the Sale Transaction (including the sale price);
C. take any action in connection with the negotiation, execution, delivery, performance and the ratification of the applicable Sale Transaction documents as the Authorised Person shall deem necessary or appropriate as well as any related documents;
D. give, make, agree the form of, sign, initial, execute (under hand or seal or as a deed) dispatch and ratify the relevant Sale Transaction documents and any related documents including, but not limited to letters, notices, certificates, acknowledgements, receipts, authorisations, transfer forms, instructions, releases, waivers, proxies, appointment of agents for service of process and other documents (whether of a like nature or not) as may in the sole opinion and absolute discretion of the Authorised Person be considered necessary or desirable for the purpose of giving effect to, consummating or completing or procuring the performance and completion of the Sale Transaction; and
E. finalise, approve, execute and do or procure to be executed and done on behalf of the Corporation all such other documents (including any press announcements or disclosures to the Qatar Financial Markets Authority or the Qatar Stock Exchange), acts and things as it may be necessary, required or desirable in the absolute sole discretion of the Authorised Person to carry out and give effect to the Sale Transaction.
4. To approve the amendment of the Corporation’s Articles of Association as published on the website of the Corporation with the aim of updating the Articles of Association in accordance with Law No. (8) of 2021 on Amendment of Some Provisions of the Commercial Companies Law Issued by Law No (11) of 2015 (the “Commercial Companies Law”) and in accordance with the Board of Directors’ proposal and subject to approval of the Ministry of Commerce and Industry.
5. To authorize the delegation by the Board of Directors to Mr. Khalid Ahmed Al Mannai with all the powers necessary for carrying out the necessary amendments to the Articles of Association of the Corporation (including the authority to sign the final version of the amended Articles of Association) in coordination with the Ministry of Commerce and Industry and to complete the required formalities and procedures before all official authorities in Qatar including but
Qatar General Insurance and Reinsurance Company discloses a Lawsuit Judgement
Pursuant to Qatar General Insurance & Reinsurance Company disclosure on the registration of Lawsuit Number 2485 / 2021 by Shareholder Number 817 against the Company on 25 November 2021, the Court of First Instance issued its rejection of the Lawsuit against the Company and obliged the plaintiff to bear the Lawsuit fees. An appeal Number 574 / 2022 (civil and commercial – first Circuit) has been registered by Shareholder number 817 before the Court of Appeal.
Qatar General Insurance & Reinsurance Company also discloses the registration of Lawsuit Number 406 / 2022 by Shareholder Number 817 against the Company before the First Instance Civil Court in Qatar.
