Qatar's Aamal inks JV deal with German mall operator

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Daisy

Qatar conglomerate Aamal Company has announced a new joint venture agreement with German retail mall and shopping centre operator ECE Projektmanagement.

Under the new agreement, Aamal and ECE will create a new company, Aamal ECE, which aims to meet the growing demand for comprehensive property management of shopping centres both in Qatar and potentially 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 new company with ECE holding the remaining 49 percent.

Aamal and ECE already have a track record of collaboration with ECE acting as manager of Aamal's flagship City Centre retail mall in West Bay, Doha.

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 and I'm positive there will be high demand for the services offered by our new partnership."

Joanna Fisher, managing director, Centre Management of ECE, added: "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 centre management in the future."