Emarat signs Memorandum of Understanding with MIDTAP

The joint venture will undertake to set up 69 service stations throughout Egypt, which will be completely identical to Emarat's network in the UAE.

The first stage of the operations by Emarat-Egypt will begin in 2003 with completion of the project scheduled for 2007. Expected revenue for the project is estimated at 12 to 19 per cent. Emarat's share in the new company will comprise 48 per cent, while MIDTAP's will be 50%. MIDOR and the Egypt General Petroleum Company Employees' Fund will own 1 per cent each.

The press conference to announce the joint venture was attended by Sameh Fahmi, Egyptian Petroleum Minister and Obeid bin Saif Al Nasiri, UAE Minister of Petroleum and Mineral Resources. The Memorandum of Understanding was signed by Engg. Maher Abazza, Chairman and CEO of MIDTAP and Rashid Al Shamsi, Deputy General Manager (Sales & Marketing), Emarat.

"The decision to expand our scope of operations to include Egypt followed intensive research and a comprehensive market study undertaken on our behalf by one of the region's leading consultants. "We believe that such joint ventures which extends the Emarat brand into other markets will strengthen our overall position and undoubtedly provide us with a unique marketing edge."

Added Shamsi: "Pursuit of quality has always been a priority at Emarat and the service stations in Egypt too will reflect our corporate ethos. We are proud that MIDTAP selected Emarat for this joint venture which will mark the beginning of a long and fruitful relationship."

In his speech during the press conference, Al Shamsi provided an insight into Emarat and its development through the years including the launch of its new corporate identity in 1996, obtaining ISO 9001 certification and winning the Dubai Quality Award in 1998.