Amwal names project manager
Posted: Saturday, April 30, 2005
Amwal, Qatar's leading finance house, has appointed Cansult Ltd, a top Canadian company, as project manager for the construction of Amwal Tower, its new corporate headquarters.
Cansult will be responsible for the successful delivery of the project, preparing all the tender documents, managing the tender process including making the recommendation for the successful bidder, and supervising construction.
Amwal said it is increasing its capital to QR100 million (around $27.5 million) from QR20 million, through issuing an additional eight million shares.
The move follows an extraordinary general assembly meeting attended by shareholder.
'This is a very positive step by Amwal, one which is wholly beneficial for our clients and shareholders,' said Amwal vice-chairperson and managing director Shaikha Hanadi Nasser bin Khalid Al Thani.
She said said Cansult, the newly appointed project manager for the Tower in the West Bay area in Doha, would work jointly with HOK Canada, the Design Consultant on the project, to create a strikingly unusual building that will become both a landmark and a focal point for the country's financial services industry.
Shaikha Hanadi was speaking after the meeting was wrapped up with support from all sides for the capital increase.
She said: 'The first phase will raise an additional QR150 million through issuing five million shares to be subscribed for by the original share holders of the company at a price of QR10 per share and a premium of QR20 per share.
'We have worked on capacity building and establishing Amwal to offer its services in the areas of long term financial planning Through Future financial planning, Asset Management and Investment Banking , The shareholders recognised the need to increase the company's capital following its successful performance during 2004 which has taken its operations up to another level.
' The new offer will only be available to existing share holders that can subscribe for the capital increase, thus confirming their confidence in the company.
'The new funding will support the company's strategic direction and measures such as building Amwal Tower and future regional expansion.'
Peter Ventin, vice-president and resident manager of Cansult, said:
'We welcome this opportunity to be involved in creating what is certain to become one of the signature buildings not only in Doha but in the region.
'Amwal Tower will become a strong symbol of the new Qatar that is now taking shape.'
Amwal, formerly known as Qatar Ladies Investment Company, was incorporated in April 1998 as a Qatari shareholding closed company and was the first investment company to be licensed and regulated by Qatar Central Bank.
Amwal's services are extensive and range from education fees planning and other regular savings schemes to trusts and tax planning and portfolio advice.
It aims to provides its clients with investment banking, asset management and corporate services with a priority in investing with safe, solid companies that are rated 'A' or better by Standard & Poor's. It provides consistent excellence through the integration of people, technology and business systems.
Amwal Tower is a commercial development, in the most popular and attractive area of West Bay, in Doha, Qatar.
The West Bay area is the scene of frenetic building activity with approximately 50 towers being planned or under construction most of which are to be ready for the 2006 Asian Games.
The Amwal Tower is a striking and elegant glass and concrete façade 22-storey commercial building with ground floor podium reception area, flexible office floor space to 20 floors around a central core and a multi purpose public area top floor, fitted out as a fitness facility.
Additionally, there are three underground floors of parking with approximately 300 spaces in addition to surface parking.
The tower will become Amwal's headquarters and a prestigious address for tenants.
Amwal is the first licensed investment company in Qatar, and takes pride in introducing a compliance department offering some of the highest business standards available in the Gulf.
Amwal's compliance department is now setting benchmarks for other investment companies in the region.
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