Al Meera gears up to launch five new shops in Qatar
October 02 2016 08:22 PM
Al Meera deputy CEO Dr Mohamed Nasser al-Qahtani
Al Meera deputy CEO Dr Mohamed Nasser al-Qahtani

Doha

Retail major Al Meera Consumer Goods Company (Al Meera) is gearing up to launch five new shopping facilities in the country, extending its reach to more popular locations in Qatar.

Al Meera said it is in the "final stages of preparations" for five of its upcoming stores in the country.

Al Meera plans to launch its five new shopping centres in succession, starting with the 4,239sqm Bu Sidra branch, which is set to open its doors to consumers “in the soon future,” according to the Qatar Stock Exchange website.

In addition to the Bu Sidra branch, Al Meera will be opening four new shopping centres in North Sailiya (Al Miarad), Al Wakrah (West), Um Salal Ali, and Leaibab 2, built on a covered area of 4,000sqm, 2,667sqm, 4,014sqm, and 5,093sqm, respectively.

Al Meera’s upcoming stores will add a total of 9,709sqm supermarket area to its presence in Qatar, bringing its trademark shopping experience to citizens and residents in five different suburbs spread across various regions of the country, in line with its mission to contribute to the real estate development of every neighbourhood in Qatar.

Commenting on the company’s achievement as part of its long-term expansion strategy, Al Meera deputy CEO Dr Mohamed Nasser al-Qahtani said: “At Al Meera, we are truly excited to be introducing our seamless shopping experience and make a difference in the daily lives of consumers in new territories with lackluster shopping services.

“Our state-of-the-art stores are designed to provide citizens and residents in five key suburbs out of the 14 announced last year that are witnessing a population boom with unmatched shopping convenience, a vast range of competitively priced, high-quality products and best-in-class services and facilities.”

He added: “This is a true testament to Al Meera’s capacity for making its expansion plans a reality for consumers in Qatar and further elevates its status as the leading retail chain in the country. It also demonstrates our unwavering commitment to meeting our customers’ expectations, driving the company’s future growth, boosting our shareholders’ returns, and effectively contributing to the realisation of the Qatar National Vision 2030 and its community development objectives.”

Al Meera was recently named as one of five Qatari firms in Marmore Mena Intelligence’s “30 most valuable non-banking companies in the GCC” list.

The selection was based on financial performance and quantitative methods, taking into account three key parameters: The company’s return on equity (ROE), debt-to-equity (D/E) ratio, and its average profit after tax (PAT) growth percentage for the past three financial years, with weightage of 40%, 40%, and 20% respectively.

Out of the 30 GCC companies that made it to the list, Al Meera recorded the second highest annualised five-year returns (five-year CAGR) at 43%, following Qatar’s Medicare Group, which registered a five-year CAGR of 49%.

Last updated: October 02 2016 08:25 PM


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