Al Meera to open retail chain in Oman
Doha, January 21, 2012
Qatar-based Al Meera Consumer Goods Company, said it has partnered with Oman's leading asset management firm National Investment Funds Company (Nifco) to launch its chain of retail outlets across the Sultanate.
The project will leverage Al Meera’s existing presence in Qatar to develop shopping centers, hypermarkets, supermarkets and grocery stores throughout the Sultanate, said a company statement. Al Meera boasts of 22 outlets in Qatar.
An MoU was signed in this regard by Dr Mohammed Al Qahtani, deputy chief executive officer, Al Meera and Sheikh Rashid Al Sadi, Nifco CEO.
The partnership comes weeks after the visit of Qatari Emir Sheikh Hamad bin Khalifa Al Thani to Oman.
During his visit, The Emir and Oman's Sultan Qaboos bin Said had identified several areas of potential co-operation between Qatari and Omani companies for the mutual benefit of both countries.
Among those initiatives was the proposed development of a chain of retail outlets based on the expertise developed by Al Meera in Qatar.
Announcing the Qatari partnership, Sheikh Saad Al Mardhouf Al Saadi, Omani Minister of Commerce and Industry, said Al Meera is a well established regional brand that was home-grown in Qatar.
'We are grateful to Al Meera and Nifco for taking this initiative, which will provide Omani consumers with more choices, create jobs and economic activity, and provide a welcome foreign direct investment from our brothers in Qatar,' he remarked.
The MoU covers the activities required prior to incorporation of the venture, said Al Meera, whose biggest stake holder is the Qatar Government.
Commenting on the company’s plans, Al Qahtani said: “We believe that our experience in the Qatari market, where we have grown from a start-up into the largest retailer in the country, will serve us well in Oman, which is a growing market.'
'We welcome the opportunity to work with a respected local investment institution like Nifco, which will add great value to the project,' he added
In the first phase, the duo will complete a detailed feasibility study of the Omani market-place and finalize the working parameters between the parties. Following this process, they will commence commercial operations.
Al Meera will establish shopping centers, hypermarkets, supermarkets and retail grocery stores throughout Oman, seeking to add value by bringing its established supply chain and strategic relationships to the Omani market.
“We are currently evaluating several potential locations and hope to select our first location and begin work during 2012,” said Sheikh Rashid.
“Overall, we hope to bring the right blend of products to the market to serve consumers in Oman and bring Al Meera’s proven business model to this market,” he added.-TradeArabia News Service