Qatar retailer inks deal for MENA mall expansion
Qatar’s Al Meera Consumer Goods Company has signed an agreement to ensure its presence in key shopping mall projects in the Gulf state and abroad.
The retail unit of Al Meera Holding Company said it has inked a deal with Qatar’s Business Trading Company (BTC).
BTC is the company behind real estate projects such as the Landmark and Villagio malls in Qatar.
The agreement with Al Meera will also guarantee the retailer’s presence in all of BTC’s projects in Tunisia, Libya, Egypt, Jordan, Oman, and other markets.
The MOU is in line with Al Meera’s aggressive expansion plan, initiated earlier last year, the retailer said in a statement.
“We are delighted and honoured to join forces with BTC, a pillar of the Qatari economy,” said Al Meera’s deputy CEO Dr Mohammed Nasser Al Qahtani.
“BTC has an untarnished record of delivering successful real estate projects in the country and we know that success will be translated to their projects outside of Qatar as well. We look forward to playing a role in their successes.”
He added: “Our expansion strategy calls for increasing our presence both in Qatar and abroad. Therefore, it is in our interest to partner up with well-established companies such as BTC to see our plan through.”
Al Meera Consumer Goods Company said last month that its net profits rose by 80 percent during the first quarter of 2012, compared to the same period last year.
The firm said that the profit increase had been driven by higher sales earnings.
Sales have increased as the Qatari company continued an agressive expansion strategy.
In March, Al Meera hired QNB Capital to study financing alternatives and capital restructuring.
The company said in an announcement to the Qatar Securities Exchange that it had appointed QNB Capital.
In December, Al Meera signed a deal to develop Geant hypermarkets in Qatar and Oman as part of Casino’s bid to boost its presence in fast-growing regions.
It has also inked agreements recently with Thai retailer Index Living Mall to establish and operate home furnishing stores in Qatar.
In February, Al Meera also entered into a joint venture agreement with Saudi Arabia’s United Electronics Company (eXtra) to launch the brand in Qatar.