(MENAFN- The Peninsula) Aamal Company QSC, one of the GCC's fastest growing diversified companies, yesterday announced a new joint venture agreement with German retail mall and shopping centre operator ECE Projektmanagement.
Aamal and ECE already have a long-established track record of successful collaboration with ECE acting as manager of Aamal's flagship City Centre retail mall in West Bay, Doha, for the past 10 years. Under the new agreement, Aamal and ECE have extended their partnership by creating a new company, Aamal ECE WLL, which will leverage the parent companies' combined expertise and capabilities to meet the growing demand for comprehensive property management of shopping centres both in Qatar and across the wider Mena region.
The new JV will offer property management together with related consultancy and letting services for the portfolio of shopping centres owned by Aamal and those owned outside the Group both in Qatar and the Mena region. Aamal will own 51 percent of the venture and ECE the remaining 49 percent holding. The new company will continue to manage City Center mall.
Sheikh Mohamed bin Faisal Al Thani, Vice Chairman of Aamal, said: "We are delighted to have the opportunity to build on our strong relationship with ECE, one of the most respected and experienced international operators in retail property management. The underlying economic strength of Qatar and the GCC is continuing to drive the expansion of shopping centre development in both local and regional markets""
Tarek M El Sayed, Managing Director of Aamal, said: "This new JV reflects the success of Aamal's strategy to build profitable long-term partnerships. ECE has already proved to be an effective partner for us, creating value and contributing to the success of our flagship City Center shopping mall while under its management by improving our tenant mix, enhancing the customer experience, and co-ordinating the mall's successful redevelopment. We now look to offer the benefit of this expertise to enhance the performance of other retail centres both within and outside the Group."
Joanna Fisher, Managing Director, Centre Management of ECE, said: "We have been active in Doha for ten years and we are proud and very pleased that our work has been rewarded. We are looking forward to intensifying our co-operation with Aamal by building up the Joint Venture and through that to continue the successful partnership in the field of Shopping Center Management in the future."The Peninsula
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