By Andy Sambidge
Agreement signed with Saudi-based electronics retailer for Qatar expansion plan
Qatar-based Al Meera Holding Company has entered into a joint venture agreement with Saudi Arabia's United Electronics Company (eXtra) to launch the brand in Qatar.
Under the agreement, the parties have agreed to set up a limited liability company to develop and operate a chain of consumer electronics retail stores in Qatar under the eXtra brand, the company said in a statement to the Qatar Exchange.
The joint venture will be established in Qatar with Al Meera Holding owning 50 percent, with the remainder to be owned by UEC.
The United Electronics Company, established in 2003, is one of the largest retailers of electronic devices in the region.
The deal is the latest in a series of agreements signed by Al Meera to expand its retail reach.
Earlier this month, the company announced the signing of two contracts with Thai company Index Living Mall (IML).
Al Meera Holding said it has been granted exclusive rights to establish and operate home furnishing stores in Qatar under the names of Index Living Mall, Index Furniture Centre and Winner.
Additionally, under the agreement ILM has also granted Al Meera Holding exclusive rights for to develop and operate stores in Egypt, Jordan and Oman over the next three years.
Qatar's Al Meera also said it had entered into a joint venture agreement with French retail giant Casino Guichard-Perrachon.
Under the agreement, both companies have agreed to set up a joint venture to manage proposed retail partnerships.
It said the joint venture will initially manage projects in Tunisia, Libya, Egypt and Jordan, without giving further details.