The first phase of the redevelopment project of the City Center Mall will be completed by the end of 2016, according to Aamal Company vice chairman Sheikh Mohamed bin Faisal bin Qassim al-Thani.
Speaking to reporters on the sidelines of the company’s annual general meeting held yesterday at the Shangi La Hotel Doha, Sheikh Mohamed said Aamal began phase 2 of the redevelopment project in 2015. 
He said the project, which is expected to be completed in 2018, would provide 5,000 sqm to 7,000 sqm of additional space for new amenities and “strong brand names.”
“We are creating more retail space, entertainment facilities, and there is construction work being done to redesign the façade, which will host café shops for outdoor seating to make the façade livelier,” he said.
Sheikh Mohamed said one of the strengths of the 16-year-old City Center Mall is its location, which is at the heart of the West Bay area where many corporate offices and government ministries are based.
“Even if there are other malls popping up in other parts of Qatar, our location gives us ‘daily customers’ compared to other malls, which are seen as weekend destinations by customers. This is why more retailers have City Center as their first option,” he said. 
Sheikh Mohamed also said Aamal will focus on industrial manufacturing and related high growth sectors “to capitalise on the significant demand” from the “wider industrialisation” of Qatar’s economy.
He noted that the company’s industrial manufacturing division now accounts for a 59% share of total revenue and 23% of net profits.
“We are working on the further development of the industrial sector in light of the Qatar National Vision 2030 and the staging of the 2022 FIFA World Cup, which would generate many businesses from the construction of stadiums, hotels, and roads,” Sheikh Mohamed told Gulf Times.
Asked about plans to acquire more vessels for its new subsidiary, Aamal Maritime Transport Services (AMTS) Sheikh Mohamed said: “If we can see that there is an opportunity, why not?” He added: “We started with one ship and now we have two vessels; there can be a third but I’m not sure if the company will acquire another vessel within the year but it can happen.”
During the meeting, Aamal chairman Sheikh Faisal bin Qassim al-Thani said the company delivered “an exceptional performance in 2015.” 
“Revenue has grown by almost 35% which, when combined with an expansion in the underlying margin, has led to an almost 50% rise in net profit, excluding fair value gains on investment properties.
“Beyond what is without doubt an excellent set of numbers, is a clear strategy that has allowed us to achieve sustained growth by optimising existing business operations and creating new revenue streams. These results demonstrate clearly the resilience of our business model - diversified not just to minimise risk but also positioned to take advantage of structural growth opportunities,” Sheikh Faisal said.