Bahrain-based Capivest Bank has announced the launch of a multi-million-dollar investment opportunity that will specialise in transportation, earth movement and heavy equipment in Qatar.
“This joint venture founded by Capivest and its strategic partners in Qatar is expected to become one of the leading significantly capitalised transportation and earth movement services companies in Qatar,” a statement said.
The strategic partners were named as Ali Iskandar Al Ansari & Sons Company and Shaikh Mohammed Bin Suhaim Al Thani.
The private shareholding company AIAP Qatar will focus on three major areas of business: transportation of construction materials, leasing of heavy equipment that will support major infrastructure projects in Qatar, and a full-fledge service centre to cater to the heavy equipment fleet owned by the formed company and the fleet of other third-party companies.
It is expected that AIAP Qatar will provide more flexible transportation and logistics infrastructure services, by facilitating the seamless movement of building materials from a growing number of source locations to the sites of large-scale construction projects that are currently underway and planned in the pipeline in Qatar.
Commenting on the reasons why Capivest was very keen to enter this new line of business in Qatar, Nabil Mohammed Hadi, its CEO said: “Qatar is in the midst of an unprecedented infrastructure boom, and companies in the real estate/construction and building materials sectors are without a doubt benefiting from this boom. However, there is an apparent deficit in the availability of support services companies that offer door-to-door transportation of building materials, as well as in the availability of heavy equipment to cater to these massive construction plans.”
AIAP Qatar, which will be operating in accordance with Sharia principles and under the supervision of a multi-national management team, will mainly service the Qatari market at the onset of formation. However, future expansion plans are already underway for other branches to be formed throughout the GCC countries and Mena region, and potentially in other international markets.
