Gulf Warehousing Signs Joint Venture Agreement with Silver for Shipping Investment Limited (BVI) in Qatar

August 30, 2018

Gulf Warehousing Company has signed a joint venture agreement with Silver for Shipping Investment Limited (BVI) to provide shipping, logistics, and other related services in the State of Qatar.

The agreement allows both companies to provide enhanced shipping and logistics services benefiting from each of their experiences in their individual domains.

Details of the agreement are as follows:

1.      The purpose of the service: to provide improved shipping, logistics, and other related services to liner and non-liner companies requiring them.

2.      Total value of the service: We expect yearly revenue from this business to start from QR3 million, with the first full financial year for this service to begin in 2019.

3.      Settlement and financing methods of this service offering (if applicable): Not applicable – the agreement does not require financing, and is executed on a call-off basis, performing the company’s regular activities

4.      This service offering’s impact on the listed company’s financial position: the service will improve the company’s local market, adding value to the company’s current range of services, and therefore a marginal growth is expected for the company’s overall financial position

5.      The latent positives, negatives, opportunities, and risks of this service offering: This service offering contains the common risks and negatives associated with all the company’s activities.

6.      Any connection to potential conflicts of interest between all stakeholders in this operation, or the denial of any such connection: There is no conflict of interest between all stakeholders in this operation.

7.      Ownership percentages before and after this service is provided: Not Applicable - There is no ownership percentage changes before and after this service was offered.