Nexans creates a joint venture in Qatar - its first manufacturing plant in an Arabic Gulf state
The new Qatar International Cable Company QICC will be Qatar’s first cable plant
Paris, June 2, 2008 – Nexans, the worldwide leader in the cable industry, today announced it has signed a joint-venture agreement for the creation of a company producing in Qatar. This joint venture will generate revenues of about $150 million by 2010 at actual copper price on a market which is globally expected to grow by 10% per year.
The related new manufacturing plant, located in the industrial city of Mesaieed, 40 km away from Doha, will be Qatar’s first cable plant, employing 210 people. By the end of 2009, it will start producing low and medium voltage cables for building and energy infrastructures as well as special cables for the oil and gas industry.
Nexans will hold 29% of the newly-created joint venture which it will operate under a management contract. Other shareholders are Special Projects Company and a large local industrial group Al Neama Industrial Co.
Wolfgang Bedorf, Executive Vice President for the Rest-of-the-World area of Nexans, said: “This cooperation between powerful Qatari investors and Nexans, the worldwide leader in the cable industry, constitute a perfect match. Today, a fast-growing market is opening up to us; being the first cable manufacturer to establish ground presence in Qatar will also be a definite advantage for us.”