Qatar Launches New Company to Invest in Power and Water Sector

Doha, May 20 (QNA) - Qatar Electricity and Water Company (QEWC), Qatar Petroleum International (QPI), and Qatar Holding (QH) signed a Shareholders' Agreement to incorporate a new Qatari shareholding company that would invest in international power and water sectors. The establishment of the new company, named "Nebras Power", is designed to strengthen cooperation among Qatar's national companies. The shareholders' agreement was signed in the presence of HE the Minister of Energy and Industry Dr. Mohammed bin Saleh Al-Sada, by General Manager of QEWC Fahad Hamad Al Mohannadi, CEO of QPI Nasser bin Khalil Al-Jaidah, and HE Managing Director & CEO of QH Ahmad bin Mohammed Al-Sayed. Nebras Power will focus on investing globally in operating stakes in the power generation sector and its related businesses with an authorized capital of USD 1 billion. QEWC will own 60% of the new company and both QPI and QH will own 20% each. A Board of Directors will be responsible for the management of the company and it will be nominated by the shareholders. In comments on the occasion, HE the Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada, expressed pleasure at the establishment of the new company which he said represents the collaboration of a group of large Qatari companies. "Nebras Power aims at becoming a global company. We wish the new company all the best as it takes its first steps to position itself as a leader in its business on the regional and international levels," Dr. Al Sada added. General Manager of QEWC Fahad Hamad Al Mohannadi commented: "This collaboration and partnership strengthen QEWC's international investments, especially that QEWC currently has investments in the Sultanate of Oman and Kingdom of Jordan. This partnership will provide a strong basis for competition on the international market due to the expertise of the shareholders in international investing and fuel supply." Managing Director and CEO of Qatar Holding HE Ahmad bin Mohammed Al-Sayed said: "This strategic partnership will strengthen QEWC's presence globally with the backing of QH and QPI. Power generation is an important investment sector that is critical to support economic development and can provide attractive financial returns on investment. We wish Nebras Power all the success." CEO of QPI Nasser Khalil Al Jaidah said: "QPI welcomes this new partnership with QEWC and QH. We acknowledge the importance of strengthening the scale, scope, and diversity of Qatar's international investments, which are aligned with the Qatar National Vision 2030." It is worth noting that QEWC, QPI and QH each have large investments outside Qatar and the new company will benefit from the collective expertise of all the shareholders in its future international investments, The company will require the collaboration of all shareholders in providing their technical, financial, and management expertise to enable it to strongly enter the global market, supported by the strong economy and financial position of the State of Qatar in addition to the strong political ties and relations that the country has with the rest of the world. (QNA)