DOHA: Al Meera Consumer Goods Company and National Investment Funds Company (NIFCO) have executed a 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.
NIFCO is one of Oman's largest asset management companies.
The announcement comes weeks after the visit of the Emir H H Sheikh Hamad bin Khalifa Al Thani to Oman. During his visit, the Emir and H M Sultan Qaboos bin Said, Sultan of Oman, identified several areas of potential cooperation between Qatari and Omani companies for the mutual benefit of both countries and their peoples. Among those initiatives was the proposed development of a chain of retail outlets based on the expertise developed by Al Meera in Qatar.
Speaking at a press conference to announce the initiative, Sheikh Saad Al Mardhouf Al Saadi, Omani Minister of Commerce and Industry, 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 MoU, which covers the activities required prior to incorporation of the venture, was signed in Muscat by Dr Mohammed Al Qahtani, Deputy Chief Executive Officer, Al Meera and Sheikh Rashid Al Sadi, Chief Executive Officer of NIFCO.
Dr Mohammed Al Qahtani, Deputy Chief Executive Officer of Al Meera, said: "We believe that our experience in the Qatari 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. We welcome the opportunity to work with a respected local investment institution like NIFCO, which will add great value to the project."
The initiative is committed to seeking to establish a chain of retail outlets that will add both economic and social value. In its first phase, the partnership will complete a detailed feasibility study of the Omani market-place and finalise the working parameters between the parties. Following this process, the partnership will commence commercial operations.
The company will establish shopping centers, hypermarkets, supermarkets and retail grocery stores throughout Oman, seeking to add value by bringing Al Meera's established supply chain and strategic relationships to the Omani market.
"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."
© The Peninsula 2012
