Qatar Industrial Manufacturing Company (QIMC) was established in 1990 with 20%:80% government-private equity interests respectively. The establishment of QIMC was in fact a clear manifestation of the particular attention given by the State of Qatar to the issue of the private sector's participation in the process of economic development of the country through investing in small and medium scale industries. QIMC's initial authorized capital was set at QR 200 million (US$ 55 million), and was fully paid by 2002. In 2006, capital was increased by 50% to QR 300 millions. QIMC started business in May 1990 only to become within a short period of time one of the pioneering companies in the field of small and medium scale industries in Qatar. Far from being confined to the State of Qatar, QIMC's activities extended to other GCC countries such as Saudi Arabia, Bahrain and Oman. Currently, QIMC has equity interest in 13 operational projects in various industrial sectors including chemicals, petrochemicals, construction materials and food processing. QIMC is also currently investigating the economic feasibility of a number of other projects in collaboration with local and foreign interested parties.