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Fri 23 Nov 2012 10:40 AM

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Qatar retailer inks Oman expansion deal

Al Meera to acquire supermarkets in Oman under agreement with Safeer Stores

Qatar retailer inks Oman expansion deal
(For illustrative purposes only)

Qatar-based retailer Al Meera has signed an agreement to acquire hypermarkets and supermarkets in Oman as it continues to expand operations across the Gulf region.

Al Meera Holding, a subsidiary of Al Meera Consumer Goods Company, and Al Meera Development Company signed a sale and purchase agreement to buy assets of Oman-based Safeer Stores, according to a Qatar stock exchange statement.

The deal entails Al Meera Holding acquiring retail assets under the Safeer brand operating at Al Falaj, Al Khuwair, Athaiba, Sohar and Barka.

The statement added that Al Meera, along with the National Investment Funds Company, was in the process of incorporating two subsidiary companies in Oman to manage the new businesses.

Al Meera Oman and Al Meera Markets will be 69 percent controlled by Al Meera Holding while NIFCO will hold a 30 percent stake and Al Meera Development will have one percent.

In September, Al Meera Consumer Goods Company, which reported a 34 percent rise in first half net profit, said it was planning up to 15 new retail outlets as part of its expansion plan in the Gulf state.

Around 60,000 sq m of Al Meera retail space, consisting of community and neighbourhood shopping malls, are already under development and are expected to open during the next three years, it was reported.

The Doha-based firm has secured 15 plots of land across Qatar and is planning to open a 4,000 sq m neighbourhood shopping mall in Laqtafia over the coming weeks and is also proposing to open outlets in Al Wajba, Jeryan Njema, Muraikh, Azizia, Rawdad Akdeem, Muaither, Rawdad al-Hamama, and Al Wakra.

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