Feb 13 2012 |
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United Electronics Company "eXtra" signs a strategic partnership agreement to open its first big-box store in Qatar in 2013
United Electronic Company "eXtra" has taken the first expansion step into the state of Qatar where it will open its first big-box store during the coming year of 2013. United Electronics Company will form a limited liability company with a capital investment of 200,000 Qatari Riyals through a strategic partnership agreement with Al Meera Holding Company which was signed on 13 February 2012 in Manama, Kingdom Of Bahrain. Each of the two parties will contribute 50% of the capital investment.This strategic partnership will help to create additional competitive advantage for both parties, and bring to the Qatari market a new big box retail experience. The Qatari market is a fast-growing consumer electronics market and an important link for regional expansion plans for the United Electronics Company "eXtra" as part of its increase in revenue strategy.
Al Meera Consumer Goods Company was established in 2004 under the directive of H.H. the Emir, and is governed by the Qatari Commercial Law and Memorandum of Association as approved by the Ministry of Commerce and Industry. Al Meera is publicly quoted company, which is 26% owned by the Qatari government, and 74% owned by other shareholders. Al Meera owns and operates more than 20 consumer goods retail outlets in Qatar primarily focused on the sale of fresh foods and similar items. Al Meera is continually evolving its offer to meet international standards in aspects such as interior design, marketing, promotion, and other technical and operational aspects.
© Tadawul 2012
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