New Qatar-Finland marine joint venture set up
Qatar Navigation and Finland’s Cargotec subsidiary MacGregor, a global player in the maritime transportation industry, have set up a joint venture company with an initial capital of QR1.2mn.
The Qatari company will hold 51% stake in the new joint venture, which aims to garner substantial market share in marine services and harbour related services in the Gulf region.
The remaining 49% will be held by Sweden-headquartered MacGregor, whose net sales were 482mn euros in 2006, Its product portfolio comprises hatch covers, cranes, RoRo equipment, cargo lashing systems, bulk handling systems, and their service.
“The registration of MacGregor Qatar Navigation Company marks a beginning of a cooperation between the two countries that have some time ago decided to unite their know-how and skills to capture a larger share of the growing market in Qatar,” said Ali Ahmed al-Kuwari, a Qatar Navigation board member and general manager (technology and operations) at QNB.
The registration ceremony was held in the presence of Finland’s Minister of Trade and Industry HE Mauri Pekkarinen and other officials of the Finnish delegation, currently on a business tour of Qatar.
Pekkarinen said Finland viewed the new joint venture company as a first step in developing cooperation between the two companies and could extent to many other industrial and service activities.
Cargotec President and CEO Mikael Makinen said the company believed that there cannot be a true international company without strong local presence.
“The integration of such local presence within our global network of companies enables Cargotec’s business areas to actually act on that direct insight in providing products and services across the entire value chain of customers,” he said.
Cargotec is a provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centres and local transportation.
The MacGregor Group operates in 30 major shipping and shipbuilding countries and its service network consists of more than 60 service stations.
Makinen said Cargotec possessed the global network and the know-how in providing solutions for container and general cargo handling, marine cargo flow and respective services.
Referring to Qatar Navigation’s proficiency in terrestrial and maritime logistics, ship operations and ship repairs, he said both the companies had ambitious plans for growth and the new venture was a “natural alliance that can achieve such plans.”
Asked whether the new company would also have operations outside Qatar, Makinen said the focus would be on the domestic market and then it may look towards the regional markets.
To another query on whether the company expected further capital infusion in view of the potential it saw, he said the partners have the leeway to bring in more capital as and when needed but “it is not that capital intensive project.”
The Qatari company will hold 51% stake in the new joint venture, which aims to garner substantial market share in marine services and harbour related services in the Gulf region.
The remaining 49% will be held by Sweden-headquartered MacGregor, whose net sales were 482mn euros in 2006, Its product portfolio comprises hatch covers, cranes, RoRo equipment, cargo lashing systems, bulk handling systems, and their service.
“The registration of MacGregor Qatar Navigation Company marks a beginning of a cooperation between the two countries that have some time ago decided to unite their know-how and skills to capture a larger share of the growing market in Qatar,” said Ali Ahmed al-Kuwari, a Qatar Navigation board member and general manager (technology and operations) at QNB.
The registration ceremony was held in the presence of Finland’s Minister of Trade and Industry HE Mauri Pekkarinen and other officials of the Finnish delegation, currently on a business tour of Qatar.
Pekkarinen said Finland viewed the new joint venture company as a first step in developing cooperation between the two companies and could extent to many other industrial and service activities.
Cargotec President and CEO Mikael Makinen said the company believed that there cannot be a true international company without strong local presence.
“The integration of such local presence within our global network of companies enables Cargotec’s business areas to actually act on that direct insight in providing products and services across the entire value chain of customers,” he said.
Cargotec is a provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centres and local transportation.
The MacGregor Group operates in 30 major shipping and shipbuilding countries and its service network consists of more than 60 service stations.
Makinen said Cargotec possessed the global network and the know-how in providing solutions for container and general cargo handling, marine cargo flow and respective services.
Referring to Qatar Navigation’s proficiency in terrestrial and maritime logistics, ship operations and ship repairs, he said both the companies had ambitious plans for growth and the new venture was a “natural alliance that can achieve such plans.”
Asked whether the new company would also have operations outside Qatar, Makinen said the focus would be on the domestic market and then it may look towards the regional markets.
To another query on whether the company expected further capital infusion in view of the potential it saw, he said the partners have the leeway to bring in more capital as and when needed but “it is not that capital intensive project.”
