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Al Meera plans Oman expansion, signs land deals

Al Meera plans Oman expansion, signs land deals


Asif Iqbal
Doha
Al Meera Consumer Goods Company (Al Meera) is planning to expand its network branches in Oman, and to achieve this, it has signed agreement for four plots of land with the Ministry of Housing in different governorates across Oman, its Vice-Chairman Saif Said al Sowaidi said on Sunday.
Addressing shareholders at the company's annual general meeting (AGM), Sowaidi said Al Meera's business in Oman has reached its maturity and is ready for expansion, building on its platform.
"The four plots of land will allow Al Meera to meet the needs of more and more consumers in Oman," Sowaidi said.
He said the company would give priority to the development of Al Amerat in Muscat, where a mall will be built on a 13,500 square metres plot, and Al Suwaeeq with an area of 20,500 square metres, bringing the concept and the standards of Al Meera to the local community.
Sowaidi said the company would also evaluate the opportunities in developing malls in the near future on the other two plots in Sur and Salalah.
According to Sowaid, Al Meera Oman plans to grow its network to reach 10 community malls spread across the country's various regions by 2022.
Regarding the retailers future plans in Qatar, Sowaidi said the company is pursuing its 14-branch expansion plan for this year.
He said final touches are being given to three of the five announced branches, Al Meera's shopping centres in Al Wakra (East), Um Salal Ali, and Leaibab 2 are expected to open in the first quarter of 2017.
The vice-chairman said the company also plans to open new branches that would serve students at Qatar Foundation for Education, Science and Community Development.
The company is set to sign a contract with Lusail Real Estate Development Company to operate and manage two community retail centres in Fox Hills and North Villas District, Sowaid said.
"We will also sign a partnership with Msheireb Properties to open an outlet at the iconic project's Galleria Mall and the company has also negotiated with the Doha Institute for Graduate Studies, to operate a supermarket to serve the institute's students," Sowaidi added.
He said besides this, the company is also negotiating with the Qatar Armed forces and Ahmed Bin Mohammed Military College for the opening of a branch there.
Discussing the financial results of 2016, Sowadi said last year the company's gross profit increased by 3.4 percent from QR427.2 million to QR 441.7 million, and the gross shops rental income recorded a 37.6 percent increase reaching QR69.3 million.
He said sales witnessed a 6.3 percent jump, reaching QR2.60 billion, while the operating income increased from QR498.6 million (last period) to QR531.6 million (current period), a 6.6 percent increase over the course of the year.

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