By Andy Sambidge
Retail company says acquisition will be worth additional $96m in revenues
Qatar's Al Meera Holding said on Sunday it has finalised its acquisition of retail chain Giant Stores.
The deal, which also includes the purchase of the Al Oumara Baking Company, aims to reinforce Al Meera's position, the company said in a statement.
Giant Stores has been operating in Qatar since 2003 and runs four stores, with the main branch at the Hyatt Plaza with an area of 13,000 sq m.
"We are delighted at finalising this deal," said Dr Mohammed Al Qahtani, deputy CEO of Al Meera.
"With the purchase of the Giant Stores in Qatar, this will increase our sales area significantly," he added.
Under the terms of the acquisition, Giant Stores and its subsidiaries will be rebranded over the coming months.
Al Meera said the deal was worth an additional QR350m ($96m) in additional revenue.
The deal is part of Al Meera's aggressive expansion strategy to remain dominate in the Qatari market.
The chain is expected to add another 200,000 sq m of retail space in the next few years, and with the purchase of Giant Stores, Al Meera now operates both supermarkets and hypermarkets.
In September, Al Meera announced plans to build two new shopping malls in Doha.
One will be built in the Ain Khaled area of the capital city while another will be at Al Mansoura, including two hypermarkets, the company said in comments published by state news agency QNA.
The total retail space of the malls will reach 100,000 sq m and form part of the company's expansion into the hypermarket business.