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Mon 10 Sep 2012 11:35 AM

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Qatar’s Al Meera in mall expansion

Doha firm has secured up to 15 sites for new retail outlets following rise in profits

Qatar’s Al Meera in mall expansion
(For illustrative purposes only)

Qatar’s Al Meera Consumer Goods Company, which last month reported a 34 percent rise in first half net profit, is planning up to 15 new retail outlets as part of its expansion plan in the Gulf state, it was reported on Monday.

“To facilitate our future expansion plans in the country, we are going for shopping mall concept which might be differentiated into two types: community and neighbourhood ones,” the company’s deputy CEO Mohamed al-Qahtani was quoted as saying by the Gulf Times newspaper.

“Using this model, 2013 will see more Al Meera outlets opening throughout the country,” he added.

Around 60,000 sqm 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, the report said.

The firm Doha-based firm has secured 15 plots of land across Qatar and is planning to open a 4,000 sqm 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, the report added.

Last month, Al Meera reported a 34 percent rise in net profit to QAR46.75m (US$12.8m) for the first half of 2012. Sales surged 61 percent to QAR740.78m, according to financial statements filed with Qatar Exchange.

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