By: Amr Adel
Dubai – Mubasher: The restructuring process of National International Holding is expected to be completed in 2020, CEO of National International Mamdouh Sherbini said.
The CEO noted that the five-year restructuring plan has already started in the beginning of 2016, with a target of owning companies in three main sectors, namely industry, real estate, and services covering both educational and healthcare segments.
Offering diversity of investment opportunities, the listing of National International is a completion to the strategy being applied in the gulf region, Sherbini said in an interview with Mubasher following the listing of the stock in the UAE market on 14 November.
Listing the company on two markets comes within the restructuring plan, the CEO said, adding that the company was already listed on DFM back in 2008 and remained in the market for five years.
The new board members which were elected early 2015 included the listing plan in the company’s future goals, Sherbini added.
Regarding the industrial sector, National International is planning on expanding the business of the subsidiary Al Ahlia Chemicals Co by doubling its sales to KWD 10 million ($33 million), the CEO said, adding that the company is eyeing new export portals in the Asian region in addition to its current markets; Kuwait, Iraq, Oman, Bahrain, and Saudi Arabia.
The CEO told Mubasher that the industrial sector forms 40% of the company’s total portfolios, while both the real estate and services segments form 25% and 35% respectively.
The Kuwaiti company is considering selling its entire stake of 10% in a German company for carving wooden plates with sales reaching EUR million per year, he added.
National International is seeking a new real estate arm whether through acquisition or establishing a new company by the end of 2016, the CEO said.
Sherbini noted that the company has three real estate projects in the UAE; the first project is Dubai Wellness Centre in which share is 35% in participation with the US Healthcare Company, with investments worth AED 2 billion ($545 million) and a launching date in December, 2016; the second project is Jebel Ali Hills; the third project is Mazaya Business Avenue in Jumeirah.
He clarified that the company has no current projects in Kuwait after it exited a residential project in 2012; however, the company is still considering a number of real estate projects.
National International’s asset portfolio stands at KWD 39 million ($129 million) with plans to increase by 5% annually until 2020, Sherbini said.
The company does not plan to issue additional shares for the capital, he said.
Translated by: Ingy ElSafy
