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FINANCIAL NEWS
Qatar’s Al Meera, Saudi Al Muhaidib sign take over deal
25 Jul 2011
(MENAFN) Al Meera Holding Deputy CEO, Dr Mohammed Al Qahtani, said that the company signed a deal with Saudi Al Muhaidib Group to purchase the group’s Giant Stores and Al Oumara Bakery Company in Qatar, reported The Peninsula.
Al Qahtani added that the deal came as a result of Al Meera’s plans to expand in Qatar and to ensure access to all residents of the country to Al Meera retail stores, furthermore, in the coming few years, the company would add an additional 200,000 square meters of retail space.
He also said that Giant Stores were first launched in Qatar in 2003 and managed four shops in the country, at Hyatt Plaza, the Airport Road, Al Mirqab and Umm Guwailina, in addition to a fifth branch that would be launched during the month of Ramadan.
It is worth noting that Al Meera Holding will boost its sales area through the purchase by 50 percent, from 28,000sqm of retail space to 45,500sqm.
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