Al Meera to acquire Giant stores in Qatar

25/07/2011 00:00 AST

In a move to further bolster its market presence in line with its expansion plan, Al Meera Holding LLC announced a preliminary agreement with the Saudi-owned Al Muhaidib Group, the current owners of the Giant Stores in Qatar, to acquire all the outlets in the country.

The deal includes the acquisition of the Al Oumara Bakery Company, also owned by Al Muhaidib.

"This acquisition puts us at the very top position in the Qatari retail market," said Dr. Mohammed Al Qahtani, Deputy CEO of Al Meera. "Giant Stores is a well-known and resilient brand here in Qatar, even in the face of unprecedented competition, the chain managed to keep and expand its market share. We are proud of this deal, and moreover, delighted that the excellent and talented Giant Store staff will become part of the Al Meera family."

Giant Stores has been operating in Qatar since 2003 and runs four stores, with the main branch at the Hyatt Plaza with an area of 13000 square meters. Other branches are located at the Airport Road (750 sqm), Al Mirqab (1500 sqm) and Umm Guwailina (1500 sqm). A fifth supermarket store will be open during the month of Ramadan.

The deal is worth close to QR350 million.


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