New JV formed to manage Hamad Port operations
A new company, QTerminals, has been formed by Qatar Ports Management Company (Mwani Qatar) and Milaha (formerly Qatar Navigation) to handle operations at Hamad Port
A new company has been formed to handle operations at Hamad Port.
On Tuesday, the Qatar Ports Management Company (Mwani Qatar) and Milaha (formerly Qatar Navigation) signed an agreement to establish a new joint-venture company to manage Hamad Port at Mesaieed.
Mwani Qatar will hold a 51% stake in the newly formed company, QTerminals, while Milaha will hold the remaining 49%.
Milaha will also manage operations at Hamad Port as an independent company with its own board of directors, executives and staff, Qatar Tribune reported.
Mwani Qatar CEO, Captain Abdulla al Khanji and Milaha President & CEO Abdulrahman Essa al Mannai signed the agreement in the presence of Minister of Transport and Communications HE Jassim Saif Ahmed al Sulaiti and Sheikh Ali bin Jassim bin Mohammad al Thani, chairman of Milaha.
Sulaiti said at the signing that the deal is the result of several years’ of collaboration between Mwani Qatar and Milaha, resulting in this mutual plan to manage Hamad Port which is one of the country's vital megaprojects.
The agreement serves to encourage the private sector to become partners in developmental projects which would reflect positively on the nation and citizens in economic terms, he added.
He added that the partnership represents an example for the Qatari private sector to participate in transportation projects, which will see a new era of operational practises that will enhance the private sector's investment attitude.
“We are confident the new company, established collaboratively by two of Qatar's leading corporations, will contribute to leveraging the country's competitiveness among world economies,” Sulaiti added.
He pointed out that Hamad Port would contribute to improving Qatar’s imports, exports and international maritime trade, while stimulating growth and economic diversification throughout the region.
In this regard, he noted that Qatar would be well placed to become a regional business hub and would be well on the road to achieving the objectives of the Qatar National Vision 2030.
Sheikh Ali added that the partnership comes on the back of a long-standing relationship, which will continue to work towards achieving Qatar's vision of becoming a global trade and logistics hub.
He further said that Hamad Port is one the world's largest projects, serving as a pioneer in the arena of commercial port development in Qatar and the wider region.
Sheikh Ali noted that the port would support the country's economic diversification agenda, and would play a major part in driving sustainable and comprehensive development regionally.
On completion, Hamad Port will cover a site of around 20km² and will be able to handle a combined annual capacity in excess of six million containers per year through its three container terminals, connecting GCC countries through a road and rail network.
The port will include a customs inspection area for rapid cargo clearance, a dedicated livestock terminal, a multi-use terminal, an off-shore supply base and Coast Guard facilities, a 110m-high port control tower and a ship inspection platform, in addition to storage units, mosques, rest areas, medical clinics and port operation offices.