By Andy Sambidge
Agreement with RAK Properties part of company's plan to open 32 stores in next two years
RAK Properties, Ras Al Khaimah's biggest property developer, said on Monday it has entered into a strategic agreement with Choithrams to develop two flagship retail outlets.
The new supermarkets, which will be built in RAK Properties' Mina Al Arab and Julfar Towers, are slated for completion in the first quarter of 2013.
The new stores are part of a major expansion plan for Choithrams which aims to open 32 new outlets across the GCC over the next two years.
The shopping outlet in Mina Al Arab will cover an area of 7,064 sq ft while the Julfar Towers outlet will exceed 8,567 sq ft. Both outlets aims to "energise the shopping and retail industries in Northern Emirates", a statement said.
"This latest step is part of a strategic plan conducted by RAK Properties to offer a fully fledged service to its range of customers," the company said.
Mohamed Sultan Al Qadi, MD & CEO of RAK Properties said: "We have chosen Choithrams to develop these two retail outlets for its track record in the retail industry in the UAE for it has been serving the UAE market for three decades.
"Both outlets will be delivered in the first quarter of 2013 and they will be equipped with best retail solutions as part of our firm commitment to offer best qualitative services to our customers."
VL Pamnani, partner, Choithrams added: "This partnership aims at expanding our business in the Northern Emirates that is witnessing an exponential growth."
Choithrams opened its first supermarket in the UAE in 1974 and since then has extended its operation to Bahrain, Qatar and Oman.
Today, the company operates more than 48 retail units across the GCC with 27 stores in the UAE.
Julfar Towers is the tallest building in Ras Al Khaimah.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.