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IMEX to move to Energy City Qatar

Qatar: Monday, June 11 - 2007 @ 16:27

Mr. Esam Janahi, Chairman, IMEX returned from a very successful Doha trip that commenced with the appointment of Mr. Steve McMillan as the CEO of IMEX.

The trip culminated on a high note with significant highlights with regards to the Qatari market. International Mercantile Exchange Holdings LLC, the promoters of the first energy exchange in Qatar – IMEX – recently announced the appointment of Mr. Steve McMillan as the CEO of IMEX.

Mr. Janahi introduced the new CEO to the top brass of the Qatari administration. These included Qatari ministers, bureaucrats and board members of Qatari regulatory bodies. During these visits, the Chairman and CEO discussed the importance of Qatar as the ideal location for IMEX.

As the GCC centre for the hydrocarbon industry, Qatar has been able to attract leading national and international oil companies to its base. It has also been able to offer a unique opportunity due to the economic vision of His Highness the Emir of Qatar and the Qatari government’s drive to create a comprehensive home for the Gulf’s energy industry, in addition to the international standard regulatory environment provided by the Qatar Financial Centre Regulatory Authority (QFCRA).

Furthermore, in preparation for IMEX’s shifting to Energy City Qatar (ECQ), in 2009, Mr. Janahi and Mr. McMillan held a meeting with Engineer Hesham Ismail AbdulRahman Al Emadi – Chief Executive Officer of Energy City Qatar.

In the meeting, Eng. Al Emadi made a detailed presentation elaborating on the various development stages that have been completed at ECQ. The infrastructure development work being undertaken in conjunction with Cisco and Microsoft was progressing as per schedule and sites would be handed over to investors and sub-developers immediately upon completion of the same. Furthermore, the plans for the Stock Exchange Building and International Atomic Energy Center, which is located in the epicentre of ECQ, were discussed amongst other topics.

Thus, the meeting covered several topics including the progress made so far by the ECQ project, which is a US $2.6-billion energy business district at Lusail.

ECQ had recently announced the achievement of record sales amounting to 3.5 billion Qatari riyals (US$ 960 million), which was followed by the sale of a 92 commercial plot of land to investors and developers as well as the signing an agreement valued at 700 million Qatari riyals with the Qatari Real Estate Investment Company.

Mr. Janahi said: “We are extremely pleased with the success of this trip which has concluded amid an air of optimism. Moving into the high-profile Energy City Qatar, tipped to be a centre for regional energy excellence, will give IMEX the unique advantage of taking a lead in the region’s trading development. In the competitive world of commodity exchanges, the success of IMEX will be driven by innovative trading propositions supported by a foundation of world-class strategic partnerships in technology and marketing.”

Commenting on Mr. Janahi’s visit, Eng. Al Emadi said, “Mr. Janahi’s visit will surely enhance the confidence of the Qatari investors, especially in the energy sector, one of the most important pillars of the country’s economy. The success of IMEX for our company will surely result in establishing a series of similar projects in other markets globally.”

IMEX plans to begin operations later this year, following approval by Qatar’s financial regulator, the Qatar Financial Centre Regulatory Authority.

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Monday, June 11- 2007 @ 16:27 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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