Saudi technology group acquires computer retail empire

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Techno trade: i2 plans to open 150 retail outlets across the Middle East.

Saudi Arabia’s i2 Group has completed the acquisition of computer retailer CompuMe through a share swap deal — making the company the biggest provider of combined telecommunications, digital electronics and IT products in the Middle East and North African (MENA) region.

i2 has unveiled plans to open additional 150 retail outlets in the MENA region in the next three years, with a total investment of US$35m. Additionally, the existing 340 i2 retail stores will be revisited for planned refurbishments to include IT and electronic product offerings.

“This is a momentous occasion for us as we pursue our expansion plan to be the largest retailer covering 30 countries,” said Abdul Hameed Al Sunaid, CEO of i2 Group. “Undoubtedly, i2 is the only electronics, telecommunications, and IT retailer with an extensive network than spans across the MENA region. We promise and provide quality products to each of our markets.” Commenting on the deal, Dikran Tchablakian, vice chairman of CompuMe and now the senior vice president of i2 Group, said: “With the merger, CompuMe brings in its expertise in retail operations and technical know-how to the i2 business which will be implemented in the existing i2 outlets in 22 countries and the forthcoming 150 multi-concept stores.”

With over 1300 employees across 340 stores in 22 countries — including Bahrain, Egypt, Iran, Iraq, Jordan, KSA, Kuwait, Lebanon, Syria, the UAE and the UK — the i2 Group grew exponentially in 2006 as it entered five new markets in Africa, announced two acquisitions, and launched its own TV station.

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