Al Meera sets its sights on strong growth this year

HE al-Qahtani along with the other Al Meera board members during the Annual General Assembly Meeting yesterday. PICTURE: Sami al-Thalathini

By Peter Alagos/Business Reporter

This year’s completion of nine malls currently under construction reflects the strong expansion growth of Al Meera as it is set to build another 15 malls within the next two to five years.

This was announced by Al Meera Consumer Goods Company Chairman of the Board HE Abdullah bin Khalid al-Qhtani, who is also the Minister of Public Health and Secretary General of the Supreme Council of Health, during the company’s Annual General Assembly Meeting held yesterday.

Al-Qahtani said besides the nine malls being constructed, Al Meera is also building one leased store, which is also set for completion this year.

“When completed, they will increase our store space by another 18,000 square metres. A further 15 malls totalling approximately 32,500 SqM are under plan for construction within the next two to five years throughout Qatar,” al-Qahtani announced.

Al-Qahtani explained that Al Meera’s strategy is to double its store space to more than 100,000 Sqm once all the new malls are fully operational. He also stressed that the new malls “will be built to stringent international specifications and outfitted with the latest interior design and lighting system” similar to the “look and feel” of the Lqutaifiya Mall.

Funding for the expansion projects, according to al-Qahtani, were sourced from the Board of Directors’ May 2012 proposal to increase the company’s capital from 10mn shares to 20mn shares through a rights issue.

“This was approved by the shareholders on October 8, 2012. The 10mn shares were issued and called up at QR95 per share on March 25, 2013. The rights issue was oversubscribed by 140%,” al-Qahtani revealed.

Bent on fulfilling its vision to become the “favourite neighbourhood retailer,” al-Qahtani confirmed Al Meera’s commitment to delivering “long-term strategy growth, and with it, sustainable value for the shareholders.” On the regional level, al-Qahtani said that the acquisition of five stores in Oman, composed of three hypermarkets and two supermarkets, was completed in February 2013.

The stores, with store space totaling approximately 15,400 Sqm are located in Azaiba (the largest at 5,100 Sqm), Barka, Al Kuwair, Sohar, and Al Falaj. “The renovation and refurbishment of Azaiba was completed in November 2013 with plans to renovate another three stores this year to bring these stores to the same level of quality as the new Al Meera stores in Qatar,” al-Qhatani said.

Al-Qhatani also announced that last year’s achievements were highlighted by the inauguration of Al Meera’s first Géant Hypermarket at the Hyatt Plaza, which was the culmination of an agreement signed between Al Meera Holding Company and French retailer Casino to develop a network of hypermarkets and supermarkets under the Géant banners in selected Middle East countries.

“In fulfilling Al Meera’s pledge to the communities all over Qatar, Al Meera has successfully opened two new neighbourhood malls: Nuaija Mall and Lqutaifiya Mall, and three convenience stores located in Sealine, Beverly Hills 3, and Barwa Messaimeer during the year,” said al-Qahtani referring to other highlights of 2013.