Muscat, Oman – 30 March 2014: Takamul Investment Company and the Qatar Industrial Manufacturing Company (QIMC) today entered into Memorandum of Understanding (MOU) that would enable both entities to proactively seek co-operation on joint developments for future industrial projects in Oman and Qatar.

In commenting on the opportunity to collaborate, CEO of Takamul, Nabil Al Ghassani, said, “I am delighted that we will be working more closely with QIMC as we share a lot of common objectives and synergies. Our experienced, professional teams will be able to share information, know-how and expertise on regional economic development especially as we have both successfully built sustainable industrial activities, although in diverse sectors.”

In response, Abdul Rahman Al-Ansari, Chief Executive Officer of QIMC, stated, “There are real mutual benefits we will find with this MOU and I know my team will be keen to explore areas for collaboration and the sharing of best practice. Together, separately and at same time we will be looking for credible industrial partners and working together should bring regional development in a cohesive manner.”

Signing of the memorandum of understanding (MOU) took place during a breakout session of the 14th Industrialists’ Conference “Industrial Exports: Opportunities and Challenges” where Takamul is the diamond sponsor of the conference.

The conference is being held at Al-Bustan Palace, Ritz Carlton Hotel, Muscat, Oman under the patronage of His Highness Sayyid Shihab bin Tareq al Said, and will close on 31 March 2014. Industrialists from GCC countries and Yemen have been brought together to discuss the most important opportunities and challenges facing the industrial sectors, noted to be one of the main pillars of developing economies, adding value downstream and key drivers to job creation.

Takamul is a subsidiary company of Oman Oil Company (OOC), a commercial venture of the Government of the Sultanate of Oman. The company was formed in 2008 to develop, promote and invest in green field industrial projects as well as in existing industrial companies to support Oman’s thriving industrial sector. The company’s key objective is to act as a catalyst in developing a sustainable downstream value chain to extend Oman’s increasingly promising chemicals, metals, minerals and industrial service sectors.

Qatar Industrial Manufacturing Company (QIMC), a Qatari share holding company listed in the Qatar stock market with paid up capital of 475 Million Qatari Riyals, was established in 1990 with 20%-80% Government-Private equity interests, with a vision of promoting small and medium industrial projects that gainfully utilize the natural resources and infrastructure of Qatar. Over the years, QIMC has established itself as a key player in the manufacturing sector, by establishing down streams industries in chemicals, petrochemicals, construction materials and food processing sectors. Besides its portfolio of fully-owned business units, QIMC has also forged relationships with some leading companies within and outside Qatar, to establish path-breaking joint ventures.