Gulf International Services (GIS), a holding company of Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj – is planning to invest more than QR1bn in the next five years, according to its top official.
“The group expects to further invest QR1.1bn over the next five years. Much of these investments are aimed to respond to the challenges on improving the efficiency and reducing operating costs so that the group will continue to remain competitive,” GIS chairman Sheikh Khalid bin Khalifa al-Thani said.
Considering the current unpredictable business environment as an opportunity rather than a threat to it, he said GIS believes continued investment in operating assets under such environment is essential to reap the available opportunities.
“Therefore we will continue to invest selectively when the right opportunity becomes available to the group,” he said.
GIS is planning to work with a consultant to refine and evolve a corporate strategy that will focus on identifying the growth opportunities, and to devise plans to execute those strategies, according to him.
Stressing that the company will inculcate new thinking and infuse new processes to improve its business operations, Sheikh Khalid said “we are also hopeful that the current gradual recovery of the crude oil prices will improve the confidence amongst our clients, which in turn will help us to better utilise our current asset base, and search for new business opportunities.”
GIS managing director Ebrahim Ahmad al-Mannai said the group is actively working on several initiatives including developing a new growth strategy to support the group in the future, and to further diversify the group operations to sustain in an uncertain economic environment, and to reduce the operational risks. Although recent economic headwinds do present challenges to the company, GIS and its group companies will continue to strategically grow, the company board said.
“Our aviation and insurance segments are planned to grow during the business plan period. Additionally, the group is currently contemplating a number of new strategies that will focus on three main areas namely: identifying growth opportunities within the existing segments, further optimising the value chain within the group and potential restructuring of the operations, and to diversify into other related services segments within the economy,” the board report said.
Ongoing efforts were made to tender for new contracts to have a sustained growth during the turbulent times, the board said, adding the current financing strategy was revisited and efforts were made to restructure some of the loans.