Qatar's Al Meera Holding has announced plans to build two new shopping malls in Doha.
One will be built in the Ain Khaled area of the capital city while another will be at Al Mansoura, including two hypermarkets, the company said in comments published by state news agency QNA.The total retail space of the malls will reach 100,000 sq m and form part of the company's expansion into the hypermarket business.
"We intend to add another 200,000 square metres of retail space over the next few years," said CEO Guy Sauvage."Customers will soon be able to reap the benefits as our expansion strategy will see more competitive prices and a completely revamped shopping climate."
Deputy CEO Mohammed Nasser al Qahtani said the company had awarded the construction contract to Arab Engineering Bureau (AEB).Al Meera recently announced their half-yearly results, posting an 18.5 percent gain over the same period last year.
"Our expansion plans not only make sense for our customers, but also sense for our shareholders," said Sauvage."We are committed to all our stakeholders, whether they be holding Al Meera stock or shopping for goods from one of our outlets," he added.
Al-Meera, which is 26 percent owned by the Qatari government, has more than 20 branches in Qatar.The company said in July it had reached a preliminary agreement with the Saudi-owned Al Muhaidib Group to acquire a chain of stores.
The deal will see Al Meera take control of all Giant Stores operating in Qatar. It also includes the acquisition of the Al Oumara Bakery Company, also owned by Al Muhaidib.
From / Arabian Business News