(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.