15 December 2012
MUSCAT -- With a strategic and aggressive expansion plan set in motion last year, 2012 has proven to be resounding success for Al Meera Consumer Goods Company QSC and all its subsidiaries. The Company saw a number of Memorandums of Understanding (MOUs) that further reinforced its market position, expand product offerings and outlets to its customers, and streamline internal operations. Significantly, Al Meera also extended its footprint to include the Sultanate of Oman.
"Our expansion into Oman capitalises on the successes we have had in Qatar and transfers it to this regional and important market," explained Dr Mohammed Nasser al Qahtani, Deputy Chief Executive Officer of Al Meera. "This expansion into Oman further diversifies our income portfolio, a value-added element for all our shareholders."
In the agreement, Al Meera Holding Company LLC, a subsidiary of Al Meera Consumer Goods Company QSC, (owned 99 per cent by the Company and 1 per cent by Al Meera Central Markets Company SPC), and Al Meera Development Company LLC (owned 99 per cent by the company and 1 per cent by Al Meera Central Markets Company SPC), will purchase all the assets of the 'Safeer' stores in the Sultanate. The supermarkets and hypermarkets will be jointly managed by Al Meera and the Omani National Investment Funds Company SAOC (NIFCO).
Renovations and refurnishing have already started to ensure all the stores are rebranded to 'Al Meera' in the first quarter of 2013. The purchase includes three supermarkets and two 5,000 square metre hypermarkets. A total of five stores will be operated, two of which are located in the capital, Muscat, with the company actively looking to purchase or lease more properties in the coming year.
This agreement comes on the heels of the continuous government efforts of both the state of Qatar and the Sultanate of Oman to build mutually beneficial projects and increase cross country projects and investments.
"We are proud to say that we are the first physical manifestation of the Qatari-Omani co-operation to date," added Dr Al Qahtani. "It is through wise agreements such as these and high-level support from our leadership that allows companies such as ours to flourish and grow."
MoUs were also signed to expand Al Meera's product and brand offerings here in Qatar. Just recently, the Company moved to streamline its own internal processes and manage its own facilities. The agreement, between the company and its all of subsidiaries, will see a joint venture developed with both Regency Group Holding (a company specialising in facility management solutions) and Aramex International Courier Express, in order for Al Meera to build and fully manage its own logistic facilities operations in the near future.
"As we move forward with our aggressive expansion plan within Qatar, we are simultaneously aiming to enhance our abilities in developing and managing our own facilities," said Dr Al Qahtani. "We are therefore pleased to come into an agreement with both Regency Group WL.L. and Aramex International to support us in our goal. They are both leaders in their own fields and we look forward to even further developing our relationship with them as we progress through our partnership."
A total of 38 outlets in Qatar and Oman will be run by Al Meera, of which four are hypermarkets, (over 5,000 square metres), 23 are supermarkets, and 11 are convenience stores (less than 500 square metres).
"Over the last three years, we have expanded our operations with 14 additional branches in Qatar and abroad, and have doubled our retail area, from 28,000 square metres in 2009 to more than 60,000 by the end of this year," explained Dr Al Qahtani. "In addition we count 20 on-going supermarket projects in Qatar of which at least 10 should open within the coming 10 to 18 months. Through such ambitious organic expansion plan, we reaffirm our intent to remain the market leader in Qatar our home country and to operate 100,000 square meters of retail space by 2017."
To fund this aggressive and ambitious expansion, Al Meera shareholders agreed to a rights issue beginning next year to increase the Company's capital by another 950 million Qatari riyals. This comes in addition to the 2.9 billion Qatari riyals raised by the Company in negotiations with Qatari financial institutions.
"At our last Extraordinary General Meeting, shareholder approved our proposal to increase the capital through a rights issue of 100 per cent of total capital to the existing shareholders," concluded Dr Al Qahtani. "With the additional funds secured from the banks, it's full steam ahead for Al Meera as we strive to become the 'neighbourhood's favourite retailer."
MUSCAT -- With a strategic and aggressive expansion plan set in motion last year, 2012 has proven to be resounding success for Al Meera Consumer Goods Company QSC and all its subsidiaries. The Company saw a number of Memorandums of Understanding (MOUs) that further reinforced its market position, expand product offerings and outlets to its customers, and streamline internal operations. Significantly, Al Meera also extended its footprint to include the Sultanate of Oman.
"Our expansion into Oman capitalises on the successes we have had in Qatar and transfers it to this regional and important market," explained Dr Mohammed Nasser al Qahtani, Deputy Chief Executive Officer of Al Meera. "This expansion into Oman further diversifies our income portfolio, a value-added element for all our shareholders."
In the agreement, Al Meera Holding Company LLC, a subsidiary of Al Meera Consumer Goods Company QSC, (owned 99 per cent by the Company and 1 per cent by Al Meera Central Markets Company SPC), and Al Meera Development Company LLC (owned 99 per cent by the company and 1 per cent by Al Meera Central Markets Company SPC), will purchase all the assets of the 'Safeer' stores in the Sultanate. The supermarkets and hypermarkets will be jointly managed by Al Meera and the Omani National Investment Funds Company SAOC (NIFCO).
Renovations and refurnishing have already started to ensure all the stores are rebranded to 'Al Meera' in the first quarter of 2013. The purchase includes three supermarkets and two 5,000 square metre hypermarkets. A total of five stores will be operated, two of which are located in the capital, Muscat, with the company actively looking to purchase or lease more properties in the coming year.
This agreement comes on the heels of the continuous government efforts of both the state of Qatar and the Sultanate of Oman to build mutually beneficial projects and increase cross country projects and investments.
"We are proud to say that we are the first physical manifestation of the Qatari-Omani co-operation to date," added Dr Al Qahtani. "It is through wise agreements such as these and high-level support from our leadership that allows companies such as ours to flourish and grow."
MoUs were also signed to expand Al Meera's product and brand offerings here in Qatar. Just recently, the Company moved to streamline its own internal processes and manage its own facilities. The agreement, between the company and its all of subsidiaries, will see a joint venture developed with both Regency Group Holding (a company specialising in facility management solutions) and Aramex International Courier Express, in order for Al Meera to build and fully manage its own logistic facilities operations in the near future.
"As we move forward with our aggressive expansion plan within Qatar, we are simultaneously aiming to enhance our abilities in developing and managing our own facilities," said Dr Al Qahtani. "We are therefore pleased to come into an agreement with both Regency Group WL.L. and Aramex International to support us in our goal. They are both leaders in their own fields and we look forward to even further developing our relationship with them as we progress through our partnership."
A total of 38 outlets in Qatar and Oman will be run by Al Meera, of which four are hypermarkets, (over 5,000 square metres), 23 are supermarkets, and 11 are convenience stores (less than 500 square metres).
"Over the last three years, we have expanded our operations with 14 additional branches in Qatar and abroad, and have doubled our retail area, from 28,000 square metres in 2009 to more than 60,000 by the end of this year," explained Dr Al Qahtani. "In addition we count 20 on-going supermarket projects in Qatar of which at least 10 should open within the coming 10 to 18 months. Through such ambitious organic expansion plan, we reaffirm our intent to remain the market leader in Qatar our home country and to operate 100,000 square meters of retail space by 2017."
To fund this aggressive and ambitious expansion, Al Meera shareholders agreed to a rights issue beginning next year to increase the Company's capital by another 950 million Qatari riyals. This comes in addition to the 2.9 billion Qatari riyals raised by the Company in negotiations with Qatari financial institutions.
"At our last Extraordinary General Meeting, shareholder approved our proposal to increase the capital through a rights issue of 100 per cent of total capital to the existing shareholders," concluded Dr Al Qahtani. "With the additional funds secured from the banks, it's full steam ahead for Al Meera as we strive to become the 'neighbourhood's favourite retailer."
© Oman Daily Observer 2012
