Aamal Company, one of the foremost diversified conglomerates in the region, has made a notable strategic move to further solidify its presence in the industrial manufacturing sector. On January 1, 2025, the company’s board of directors approved an acquisition of an additional 20% stake in Frijns Structural Steel Middle East, a prominent player in Qatar's industrial manufacturing landscape. This acquisition follows Aamal’s ongoing strategy of enhancing its industrial portfolio and strengthening its position in a highly competitive sector.
Frijns Structural Steel Middle East, established in 2009, is a leading name in the production of steel for critical applications in petrochemical industries and various other industrial sectors. The company is known for its comprehensive range of services, which include engineering, production, corrosion protection, construction, and assembly. Its operations cater to both local and regional demands, contributing significantly to the construction and infrastructure sectors.
Before this acquisition, Aamal held a 20% stake in Frijns Structural Steel M.E. With this new purchase, Aamal’s total shareholding in the company will now increase to 40%. This move not only underscores Aamal’s commitment to expanding its industrial investments but also reflects its intention to align with Qatar’s National Vision 2030, which aims to foster sustainable development through robust industrial growth.
The acquisition was carried out based on an independent valuation process to ensure transparency and fairness, ensuring that all involved parties received an equitable transaction. The company’s CEO, Rashid Al Mansoori, emphasized that this acquisition is integral to Aamal’s expansion plan in the industrial sector, stating, “Increasing our shares in Frijns Structural Steel M.E. represents a significant step toward underpinning our position in the industrial manufacturing sector and strengthening our ability to support major projects that contribute to sustainable development.”
Aamal’s decision to expand its stake in Frijns Steel reflects its continued efforts to drive growth through strategic acquisitions. With this increased ownership, Aamal aims to play a more influential role in the development of key industries, not only in Qatar but across the Gulf region. As the company looks forward to continuing its trajectory of growth, the acquisition positions Aamal as a stronger player in an evolving market, reinforcing its status as a market-leading diversified company.
This acquisition represents a significant milestone in Aamal’s journey toward greater industrial dominance and sustainable investment strategies, perfectly aligning with Qatar’s long-term economic goals. By reinforcing its industrial base, Aamal enhances its capacity to drive future growth, contribute to major projects, and provide long-term value for its stakeholders.
