Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- Al Meera, Nifco Sign MoU to Set Up Retail Outlets in Sultanate of Oman  Join our daily free Newsletter

MENAFN - Qatar News Agency - 22/01/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Qatar News Agency) Al Meera Consumer Goods Company and Omani National Investment Funds Company (Nifco) have signed a Memorandum of Understanding (MoU) to study to set up retail outlets throughout the Sultanate.

The partnership will help Al Meera, which has presence in Qatar, develop shopping centres and hypermarkets in the Sultanate. The MoU was signed by Dr Mohammed Al Qahtani, deputy chief executive officer of Al Meera, and Rashid Bin Saif Al Sa'adi, CEO of Nifco, in the presence of HE Sheikh Sa'ad Bin Mohammed Al Mardhouf Al Sa'adi, Commerce and Industry Minister. Al Saadi said: "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."

Commenting on the company's plans for the Omani market through this joint initiative, Al Qahtani said: "We believe that our experience in the Qatari market, where we have grown into the largest retailer in the country, will serve us well in Oman."

"We welcome the opportunity to work with a local investment institution like Nifco, which will add great value to the project," he added. Rashid said: "We are currently evaluating several potential locations and hope to select our first location and begin work during 2012."

The venture will help meet the needs of the market and consumers to avail required commodities with appropriate and competitive prices and boost new job opportunities for the country.

Qatar Stock Exchange-listed Al Meera Company has 22 outlets in Qatar. In 2010, the company posted sales of 914 million Qatar rials and a net profit of 63.9 million Qatar rials.

The Government of Qatar is the largest shareholder in Al Meera. Nifco, which was established as per the Royal Decree No. 81/ 98, is one of the Sultanate's largest asset management companies. It manages several successful funds, including the National Equity Fund and is owned by the Omani State General Reserve Fund and the Omani civil and military pension funds.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help