Amwal increases its authorized capital to QR100 million following extraordinary general assembly meeting

In a further sign of its growth, the company revealed it had appointed a top Canadian company as project manager to mastermind construction of Amwal Tower, its new corporate headquarters.

The announcement was made by Sheikha Hanadi Nasser Bin Khalid Al Thani, Vice-Chairperson and Managing Director of Amwal, just moments after the egm was wrapped up with support from all sides for the capital increase. Sheikha Hanadi said: "This is a very positive step by Amwal, one which is wholly beneficial for our clients and shareholders".

"the first phase will raise an additional 150 million QR through issuing 5 million shares to be subscribed for by the original share holders of the company at a price of 10 QR per share and a premium of 20QR per share . thus increasing the shareholders equity from 62 million at the end of March 2005 to 212 million after the increase when fully subscribed this will enable Amwal to capitalise more effectively on a broader range of investment opportunities while expanding and developing the business so that it makes an even greater contribution to the development of Qatar.

"we have worked on capacity building and establishing Amwal to offer its services in the areas of long term financial planning Through Future financial planning , Asset Management and Investment Banking , The shareholders recognised the need to increase the company's capital following its successful performance during 2004 which has taken its operations up to another level. The new offer will only be available to existing share holders that can subscribe for the capital increase, thus confirming their confidence in the company.

"The new funding will support the company's strategic direction and measures such as building Amwal Tower and future regional expansion."

Sheikha Hanadi confirmed that Cansult LTD, the newly appointed project manager for the Tower in the West Bay area in Doha, would work jointly with HOK Canada, the Design Consultant on the project, to create a strikingly unusual building that will become both a landmark and a focal point for the country's financial services industry.

Cansult will be responsible for successful delivery of the project, preparing all the tender documents, managing the tender process including making the recommendation for the successful bidder, and supervising construction. Peter Ventin, Vice President and Resident Manager of Cansult, said: "We welcome this opportunity to be involved in creating what is certain to become one of the signature buildings not only in Doha but in the region. Amwal Tower will become a strong symbol of the new Qatar that is now taking shape."