DOHA: Mowasalat (Karwa) marked its 10 year of service yesterday with a strong emphasis on its achievements and unveiling major projects including a decision to list the company in the stock market.
Mowasalat officially opened its office at Abu Hamour in October 2004 and launched its taxi service in the same year, with a fleet of 600 cabs. The company started operating public buses in the following year.
“With an objective of increasing market share and responsibility, diversifying fund options, improving company profile and efficiencies, Mowasalat is in the process of listing its shares in the stock market,” the company said in statement yesterday.
Khaled Al Hail, Chief Executive Officer of Mowasalat, however, said no time-frame has been set for issuing IPOs (Initial Public Offering) as a prelude to listing the company in the stock market.
“This decision has been taken by the government and its implementation may take one to two years, or more,” added Nasser Al Khanji, executive director – support services at Mowasalat addressing a press conference yesterday.
The future projects of the company also include launch of marine services (water taxis and amphibious buses) and a Bus Rapid Transit (BRT) system.
“The rail system is a welcome solution, but will still require decade for full realization. In the meantime, for cost effectiveness and quick solution, a strong role for higher-order mass transit systems in the form of BRT exists.
“Although buses will continue to provide mass transportation and will remain important throughout the metro and rail feeders, a study to implement BRT along Salwa Corridor and Al Waab street has been conducted,” said the company.
The Karwa Services Unit will soon provide vehicle recovery and maintenance service to other companies and the public in its multi-purpose workshop.
Highlighting the achievements of the company over the past 10 years, Ahmed Al Mansoori, executive director – Operations said:
“Today, we are proud to be a pioneer in the industry in Qatar.
“We have provided taxi operating licence to private companies meeting the growing demand in the country, taking the total number of taxis to 4000 taxis by end of 2014,”
The company’s bus service has also grown with 39 routes during regular working days 41 routes during week-ends.
Nasser Al Khanji said, besides the public buses, the company currently operates 2000 school buses under agreements with the Supreme Education Council (SEC) and will add another 700 buses by the next academic year.
The company in collaboration with the Ministry of Transport and the Ministry of Municipality and Urban Planning recently launched the West Bay Shuttle Service to help reduce congestion and overcome parking woes in the area.
The Peninsula
