Qatar: country's major contractor sold to consortium formed between Qatar and Bahrain institutions.
Qatar and Bahrain team up for QCon
A consortium between Qatar and Bahrain-based institutions has acquired industrial and construction contractor, Qatar Engineering & Construction Company (QCon) from Qatar Shipping.
The largest shareholders in the consortium, Qatar First Investment Bank and The First Investor, hold 41% in QCon. Other partners include Qatar America Asia Consortium (QAAC) and Bahrain-based Unicorn Investment Bank (Unicorn).
QCon is a major contractor in Qatar providing services to oil and gas, petrochemical, power and other industrial infrastructure sectors.
Its three main businesses are engineering, procurement and construction, maintenance and fabrication.
The contractor owns and operates facilities dedicated to fabrication of heavy offshore structures including one for topside production in Qatar’s Mesaieed Industrial City.
QCon was established in 1975 and has been wholly owned by Qatar Shipping since 2006.