Qalaa Holdings (CCAP.CA on the Egyptian Exchange, formerly Citadel Capital) announced that its energy sector subsidiary TAQA Arabia aims to expand its network of fuel stations in Egypt through TAQA Oil Marketing Company. The company currently offers comprehensive services with the highest levels of quality, through 36 state of the art gas and fuel stations nationwide.
TAQA Arabia’s Board of Directors, headed by Khaled Abu Bakr, recently approved the ambitious expansion plan presented by TAQA Marketing Managing Director, Mohamed Nafea. The company’s strategy is focused on serving remote areas of the country that are in need of premium service stations outside the major urban centers of Cairo and Alexandria.
“The Egyptian market has immense growth potential. In light of the government’s efforts to revive the economy and regain investor trust, we will continue to invest heavily in energy as one of our core industries. This initiative on the part of TAQA to expand its network of stations is an important step that will make oil products more readily available in rural areas that have witnessed the worst of the country’s energy shortage,” said Mohamed Shoeib, Managing Director and Head of Qalaa Holdings Energy Division.
TAQA Oil Marketing is currently pursuing a strategy that aims to see the company become one of the top 5 oil marketing companies in the country within the next 10 years, particularly with regards to its market share. Its new stations are state of the art one stop shops offering a variety of petroleum products.
“We have already differentiated ourselves and built strong brand equity in the market by providing customers with the highest quality products and services. Now TAQA Oil Marketing looks forward to rolling out our new expansion plan in Egypt’s underserved markets,” said TAQA Arabia CEO, PakinamKafafi.
TAQA Oil Marketing has capitalized on its exclusive deal with Castrol, one of the biggest lube producing companies in the world. As the exclusive distributer of Castrol’s products in Egypt, the company provides services to the automotive, industrial and maritime sectors.
“TAQA Marketing has become a profitable company with return on equity expected to exceed 20% by year’s end and will reach 25% within two years,” said the company’s Managing Director, Mohamed Nafea..
TAQA Arabia is the largest private sector energy distribution company in Egypt with over 16 years of experience, investing and operating energy infrastructure including gas transmission and distribution, power generation and distribution and marketing of petroleum products. The company serves more than 600 industrial, 50,000 commercial and 600,000 residential customers and has converted 1 million appliances to natural gas in Egypt and the MENA region.
Energy is one of Qalaa Holdings’ (formally Citadel Capital) core industries along with cement, agrifoods, transportation & logistics and mining.
Qalaa Holdings(CCAP.CA on the Egyptian Stock Exchange) is an African leader in infrastructure and industry. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in core industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
TAQA Arabia is the largest private sector energy distribution company in Egypt with over 16 years of experience, investing and operating energy infrastructure including gas transmission and distribution, power generation and distribution and marketing of petroleum products. Incorporated in Egypt, TAQA Arabia has successfully grown from a local service provider to a highly ranked regional competitor with operations in the Middle East and Africa. TAQA provides services through 4 operating arms; TAQA Gas, TAQA Power, TAQA EPC and TAQA Fuel Marketing.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.