Qatar Navigation has recently completed a comprehensive review of its current business and revised its long term strategy. The company retained Roland Berger Strategy Consultants in September 2010 to conduct an in-depth review of both the markets in which it operates as well as potential future markets where it believes it can contribute significantly to Qatar’s economic growth and the development of Qatar’s talent.
As a result, Qatar Navigation has defined an ambitious growth plan for the coming 5 to 7 years that is focused on seven main sectors: Offshore Services; Gas; Chemicals and Products; Regional Maritime and Logistics Services (including port management); Real Estate Development; Trading Agencies; and Investments.
The strategy envisions a combination of local, regional and global businesses with a greater focus, going forward, on commercial and operating activities rather than asset ownership.
The diversified operating portfolio consists of a range of core maritime and logistics services as well as other diversified activities to balance the business cycles inherent in the maritime sector. To achieve the vision, the company plans to make significant investments in both its existing businesses as well as new areas that it currently does not serve.
“Since its inception, Qatar Navigation has been playing a key role in Qatar’s economy and now we have an opportunity to expand our role in various sectors, and we intend to seize this opportunity” said HE Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Qatar Navigation. “We have a strong presence and portfolio of businesses in Qatar and the region, and will leverage this foundation to take us to the next level.”
In parallel to developing the strategy, Qatar Navigation has also launched Project Mustaqbal, a comprehensive program to prepare the company to effectively execute its growth strategy. Project Mustaqbal is envisioned as an 18-24 month effort which will focus on restructuring the business to enable growth and realize synergies. The program includes the streamlining of existing operations (including re-organization, processes, systems) and building new capabilities within the organization to achieve its goals. The restructuring covers both the commercial side of the business (to create greater customer focus), as well as the company’s support functions and infrastructure (to drive greater efficiency). In addition, Qatar Navigation is currently in the process of re-defining its brand to align with its vision and strategy.
“This is the right time to take a fundamental and fresh look at our business and how we conduct it” said Khalifa Ali Al-Hetmi, President and CEO of Qatar Navigation. “We aim to be and want to be seen as a world-class organization that is proactive, socially responsible, efficient, an excellent partner and an employer of choice.”