Ireland's Klondike plans Qatar cooling tech JV
Doha, June 15, 2014
Irish thermal management solutions provider Klondike Technologies said it has signed a MoU with Qatar-based Dyarco International Group as a precursor to establishing a joint venture in Qatar.
The new company will manufacture its Klondike CoolPipe range, a first for Qatar, designed to cool high temperature environments not adequately or efficiently cooled by AC systems.
Dyarco is formally a partnership between Al Faisal Holding and another prominent Qatari Group, Ebrahim Al Neama & Sons Holding Group, both well established groups with diversified business interests, including industrial manufacturing and trading.
With Dyarco’s 20 years’ of experience in the service consultancy industry in Qatar, the move marks an essential part of Klondike's strategy to establish a permanent footprint in the country and also the wider GCC region.
The announcement was made during the recent Enterprise Ireland Trade and Investment Mission to Qatar and Oman.
Klondike Technologies is a specialist in developing thermal solutions for the telecom, broadcasting and renewable energy sectors. The firm entered Qatar two years ago and has since developed, proofed and validated its core technology which is now primed and ready to move into the commercialization phase.
Founded in Dublin, Ireland, this is the first international venture undertaken by Klondike.
Robert O'Malley, the director, Klondike Technologies said the agreement was the first step in establishing its joint venture with Dyarco.
"We hope to create a strong and lasting partnership with the reach and local expertise necessary to best serve our clients. We intend to grow our team and add new skills as a result of this positive development."
"We are looking forward to a long and fruitful relationship that will allow our two companies to develop and grow in the region," he added.
Achu, the general manager of Dyarco International Group said: “As a group we are innovative in our way of thinking and doing business. Companies such as Klondike who have a similar business culture become ideal potential targets and fit in our strategy to add value to our growth as well as the SME segment of this country in general.”
Irish Minister of State with special responsibility for Trade and Development, Joe Costello expressed delight at the new Dyarco venture.
"This announcement builds on the significant achievements made by Klondike since they entered the Qatari market just two years ago with demonstration installations in two major international companies.
"This step toward a JV is a great endorsement of the growth in relationships between Ireland and Qatar and the facilitation of opportunities for Irish exporting businesses," he added.-TradeArabia News Service