Nehmeh Group: Ready with efficient crisis plans
Industry leader, Emil Nehme believes that Qatar will come out of the present crisis "even stronger".
Nehmeh Group CEO Emil Nehme has shared his observations about the present situation in Qatar and how the company is weather the downturn in the wake of the plummeting oil price.
Speaking to CWQ, he says: “Qatar has experienced fast changing dynamics since late 2015 due to the slump in oil prices."
“On one hand, the oil and gas sector has seen changes, cutbacks and layoffs and on the other infrastructure and its related markets continue to remain positive along with other sectors.
“Qatar’s economy at present and the near future will continue being resilient and positive with World Cup 2022 and Qatar Vision 2030.
“While the withered market has dived between optimism and uncertainty, the overall outlook remains encouraging,” he says.
He comments that he is certain as to the severity of the present market and says, “There is no doubt that the Gulf region is passing through a critical situation in 2016, especially after the sudden drop in the oil prices and adds, “We have been hearing about the current economic situation in Qatar and the region since the end of the last quarter of 2015 and we were ready for it with efficient crisis plans.”
He draws attention to the many years that the company has had a presence in Qatar and how weathering many storms has served to strengthen the company.
“Being in the country for over 60 years and being a leader in providing quality industrial solutions, we have been through many difficulties due to fluctuations in the region’s economy,” he says.
“We always stand persistent in the market with ‘lessons learned’ out of similar economic situations that took place in the past, such as the economic crisis in 2009,” he points out and comments: “After all, we do not want to be push against the stream or else we will be swept by the flow.”
He says however, that the company’s strategy is different to the nom and explains: “Typical tactics such as cutting costs and decreasing investments, which include employment cutbacks, and putting current expansion plans on hold are not on Nehmeh’s agenda,” he says.
“We find these strategies do not form the optimal solution. In other words, we decide to keep our employment untouched and we increase the efficiency of our most valuable asset ‘people’ using the optimal allocation of resources.”
Unlike numerous companies at this time, the Nehmeh Group has different plans: “In fact, we are expanding our operations to the UAE and adding more investments in many divisions within the group, as we believe efficiency is key to increase our stability and help us ride this critical economic situation. We are optimistic Qatar’s economy will rise again,” Nehme stresses.
And looking ahead?
“We are optimistic. We want to be smarter and more efficient when taking the risks but definitely be cautious,” he shares.
“This is our strategy for 2016. We at Nehmeh believe in our values, that our strength lies in our people ‘our most valuable asset’.
“We continue to stand by them in times where the overall market sentiments are more complex than before.
“We view this ‘correction’ as an opportunity.”
In closing he adds: “This is not the time to feel down, but to think positive and act faster.
“Qatar is facing some tough challenges but Qatar will get through them and get out even stronger.”