Al Meera Holding has entered into a preliminary agreement with the Saudi-owned Al Muhaidib Group, the current owners of the Giant Stores in Qatar, to acquire all the outlets in the country.The deal, which includes the acquisition of the Al Oumara Bakery, also owned by Al Muhaidib, would see additional revenues of QR350mn accruing to Al Meera, which is now on an expansion mode.
Al Meera and Al Muhaidib officials exchanging documents after signing the pact
“This acquisition puts us at the very top position in the Qatari retail market,” said Mohammed al-Qahtani, deputy CEO of Al Meera, whose sales area would increase by 50% to 45,500sq m of retail space after the acquisition.
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 13,000sq m.
Other branches are located at the Airport Road (750sq m), Al Mirqab (1,500sq m) and Umm Guwailina (1,500sq m). A fifth supermarket store will be opened during Ramadan.
“The board of directors believed that the Giant Stores acquisition was in line with our strategy and is also compatible with our vision to become the favourite neighbourhood retailer,” al-Qahtani said.
Both Al Meera and Al Muhaidib have agreed to the terms and conditions of the acquisition and a final announcement will be made after meeting legal and regulatory requirements, said a spokesman of Al Meera, which had earlier called off a merger deal with Qatar Meat and Livestock Company (Mawashi).
“This acquisition marks our first step on the way to break into the hypermarket format operation in Qatar,” Guy Sauvage, Al Meera’s CEO, said.
