(MENAFN - The Peninsula) Woqod International, foreign investment arm of Woqod (Qatar Fuel) is evaluating investment opportunities to expand its presence in overseas market, both through acquisition as well as establishing new projects, especially in Saudi Arabia and Europe, said H E Abdullah bin Hamad Al Attiyah, Chairman of Woqod, Qatar's leading fuel distribution company.
"We are exploring a lot of investment opportunities overseas, especially acquisitions in foreign markets," said Al Attiyah. "We have recently started gas distribution business in Saudi Arabia under the brand name 'Woqod', and looking forward to make more investments in the country in different areas of businesses. We are also exploring the European market."
Al Attiyah was speaking to the media on the sidelines of a ceremony to inaugurate the newly-built Woqod Tower located in West Bay.
Al Attiyah, who is also the Chairman of the Qatar Administrative Control and Transparency Authority, officially inaugurated the iconic tower yesterday. The ceremony was attended by Mohamed Turki Al Sobai, Vice-Chairman and Managing Director of Woqod, and a number of Woqod board members, senior officials from Municipality, Civil Defence and Oryx GTL.
Asked if there was any fixed budget for overseas investments, he said: "We have open budget, there is no limit for good opportunities."
He said that at the same time, the company will continue to expand its local business in different areas such as gas stations, bitumen, marine services and lubricant business.
"We have started exporting our lubricants (under the brand name Ghaf) to Iraq, Jordan, Saudi Arabia, Oman and the UAE, and looking forward to export the product to new markets," he said.
Al Sobai said: "Today, we are happy to share with you the inauguration ceremony of our headquarters at the West Bay after obtaining all the necessary documents and fulfilling all the safety and security requirements which took us a quiet long time."
"The building exterior is cladded with glass panes, framed by energy-efficient LED lights running along the building to illuminate the skyline at night with glamorous and lively colours. At the top of the building sets the largest three faces LED screen in Qatar, which is used to pass on public awareness messages, social messages and greetings on Qatar's special religious and celebratory occasions" Al Sobaie added.
Located on a flat site of 3,500 square metres, the172-metre tall building comprises of 34 floors, serviced by eight high-speed elevators that swiftly serve over 42,500 square metres of built up area, a ground floor Sidra store and lounge and an ATM, a first floor mosque. The building is accommodated by 350 car parking spaces housed within four levels of underground basement floors.