Retailer signs sale and purchase agreement for five Safeer hypermarkets in sultanate
Qatari retail group Al Meera has completed a deal to buy the business and assets of Safeer Stores in Oman.
The company said the signing of a sale and purchase agreement, which took effect from the end of January, sees five Safeer hypermarkets and supermarkets being handed over to Al Meera to run.
It added in a statement published by Qatar News Agency that Al Meera has set up two subsidiary companies - Al Meera Oman and Al Meera Markets - to run the business acquired in Oman.
"Effective January 31, the buyer takes complete responsibility of Athaiba (Safeer United), Al Khuwair (Safeer Middle East), Barka and Sohar (Safeer Center International, Al Falaj (Safeer Arabian International)," the statement said.
Al Meera announced last week that its first Géant hypermarket opened on Sunday as part of an agreement signed with France's Casino in 2011.
The opening follows an agreement signed between Al Meera and French retailer Casino to develop a network of hypermarkets and supermarkets under the Géant banners in selected Middle East countries.
The first Qatar opening reinforces the presence of the Géant in GCC countries - where it has more than 10 stores in operation in the UAE, Kuwait and Bahrain.