Al Meera and NIFCO executives with senior Omani officials at a press conference in Muscat to announce the tie-up
Al Meera Consumer Goods Company and National Investment Funds Company (NIFCO) have signed a Memorandum of Understanding (MoU) to study the establishment of a new chain of retail outlets throughout Oman.
The project will leverage Al Meera’s existing presence in Qatar to develop shopping centres, hypermarkets, supermarkets and grocery stores throughout the Sultanate.
The announcement comes weeks after the visit of HH the Emir Sheikh Hamad bin Khalifa al-Thani to Oman. During his visit, the Emir and Oman’s Sultan Qaboos bin Said identified several areas of potential co-operation between Qatari and Omani companies.
Among those initiatives was the proposed development of a chain of retail outlets based on Al Meera’s expertise in Qatar.
Speaking at a press conference to announce the initiative, Oman Minister of Commerce and Industry Sheikh Saad al-Mardhouf al-Saadi said: “Al Meera is a well-established regional brand that was home-grown in Qatar. We are grateful to Al Meera and NIFCO for taking this initiative, which will provide Omani consumers with more choices, create jobs and economic activity, and provide a welcome foreign direct investment from our brothers in Qatar.”
The Memorandum of Understanding, which covers the activities required prior to incorporation of the venture, was signed in Muscat by Al Meera deputy chief executive Dr Mohamed al-Qahtani and NIFCO chief executive Sheikh Rashid al-Sadi.
Al Meera is public company traded on the Qatar Exchange (
www.qe.com.qa). The company has some 22 outlets in Qatar.
In 2010, the company achieved sales of QR914mn and net profit of QR63.9mn. Al Meera’s largest shareholder is the Qatar government.
Al-Qahtani said: “We believe our experience in the Qatar market, where we have grown from a start-up into the largest retailer in the country, will serve us well in Oman, which is a growing market.”
The initiative is committed to seeking to establish a chain of retail outlets that will add both economic and social value.
During the first phase, the partnership will complete a detailed feasibility study of the Omani marketplace and finalise the working parameters between the parties.
Following this process, the partnership will commence commercial operations.
“We are currently evaluating several potential locations and hope to select our first location and begin work during 2012,” said Sheikh Rashid. “Overall, we hope to bring the right blend of products to the market to serve consumers in Oman and bring Al Meera’s proven business model to this market.”
NIFCO, one of Oman’s largest asset management companies, was established by royal decree in 1998 and is owned by the Omani State General Reserve Fund and the Omani pension funds.
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