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 communiqué 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.”