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Foulath

Foulath appoints Mr. Ali Al Muraikhi as Vice Chairman of The Board

: Thursday, May 08 - 2014 @ 13:49

Foulath Holding Company ‘Foulath’, a Bahrain based leading steel company in the region, announced the appointment of Mr. Ali Al-Muraikhi as the Vice Chairman of its Board of Directors. Mr. Al Muraikhi is the Managing Director & General Manager of Qatar Steel, a leader in the GCC steel industry with operations in Qatar and the UAE, and a strategic investor in Foulath Holding Company, and in South Steel, Saudi Arabia.

Welcoming Mr. Al Muraikhi to the Board, Mr. Khalid Al Bassam, Chairman of Foulath, said, “Qatar Steel is not only a shareholder but also a strategic partner for Foulath, which has deepened ties with the company over the years through close techno-commercial cooperation. Moreover, Foulath’s investee companies, Bahrain Steel and Sulb, have strategic linkages with Qatar Steel, benefiting all partners.”

Bahrain Steel, a fully owned subsidiary of Foulath, is the region’s first and largest pelletizing plant, providing feedstock for steel producers in the region. Qatar Steel has also secured long term supplies of direct reduced iron (DRI) from Foulath’s subsidiary Sulb as feedstock for its steel plants in Qatar and Saudi Arabia.

Also commenting, Mr. Al Muraikhi thanked the Foulath Board and expressed confidence in the company’s future outlook. “We are proud of Qatar Steel’s partnership with Foulath and the spirit of cooperation between the two groups. Qatar Steel technical experts, together with Sulb engineers and Yamato specialists, played a key role in quick ramp-up and stabilization of Sulb’s newly commissioned integrated steel facility in Bahrain. As Vice Chairman of the Board I look forward to continuing to work closely with all partners to achieve further development at growth across Foulath’s holdings.”

For more info please contact:
Budoor Al Aradi
Media Relations Specialist
FinMark
Tel: +97317749759
Fax: +97317006585

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Thursday, May 8- 2014 @ 13:49 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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