The newly-established building materials trading firm Qatar Quarries and Building Materials Company received on July 29, 2004 its first shipment of 65,000t of gabbro (volcanic rock resembling granite) at the Mesaieed Port, it was reported on August 2, 2004. The port is located in the Mesaieed Industrial City in eastern Qatar. Qatar Quarries and Building Materials Company is expecting further shipments to arrive in line with its strategy to meet the demand for gabbro of local construction companies and contractors.
Qatar Quarries and Building Materials was set up as a closed joint-stock company in May 2004 with an authorised capital of 120 mln Qatari riyals (US$33m), of which 50 per cent are paid-up. Qatar Navigation and Transport Co and Qatar Shipping Co each hold 25 per cent in the new company, Qatar National Cement Co has a 20 per cent stake, while Qatar Real Estate Investment Co, General Pension and Retirement Authority and Qatar Foundation for Education, Science and Community Development hold 10 per cent each.
