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Wed 17 Aug 2011 06:31 PM

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Doha Cables wins $494m Qatar power contract

Aamal Company unit says it has won two year deal with Qatar General Electricity & Water Corp

Doha Cables wins $494m Qatar power contract

Doha Cables, a unit of Aamal Company, said on Wednesday it had been awarded a $494m two year contract by Qatar General Electricity & Water Corporation, also known as Kahramaa.

The contract is to supply low voltage and medium voltage power cables equal to approximately 42,000 tonnes and is part of Kahramaa's current programme to meet the growing demand for power in Qatar which it forecasts will almost double by 2013.

Doha Cables is a subsidiary of Senyar Industries, a 50:50 joint venture between Aamal and Elsewedy Electric Egypt, a Middle East integrated energy solutions provider.

Sheikh Faisal Bin Qassim Al Thani, chairman of Aamal Company, said: "This is a very significant contract win for us and I am delighted that Kahramaa has decided to select Doha Cables.

"The award of this contract is another significant step in our goal to build market leading positions in high growth sectors while supporting the diversification and industrialisation of the wider Qatari economy."

Last week, Qatar Electricity & Water Company, the Middle East’s second-biggest utility by market capitalisation, reported a 41 percent increase in second-quarter profit as demand for power and water rose.

Net income jumped to QR444 million ($122 million) from QR315 million a year earlier, the company said in a statement posted on the Qatar Exchange.

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