Al Meera Consumer Goods Company, NIFCO of Oman sign MoU

Doha, January 19 (QNA) -Al Meera Consumer Goods Company and the National Investment Funds Company (NIFCO) of Oman signed at Grand Hyatt on Thursday a Memorandum of Understanding (MoU) to study the establishment of a new chain of retail outlets throughout different governorates of the Sultanate. The MoU was signed from Al Meera Company by Dr. Mohammed al-Qahtani, Deputy Chief Executive Officer (CEO) of Al Meera and it was signed by Rashid bin Saif al-Sa'adi, CEO of the National Investment Funds Company in the presence of Sheikh Sa'ad bin Mohammed al-Mardhouf al-Sa'adi, Commerce and Industry Minister. Sheikh al-Sa'adi expressed his delight of the cooperation due to be achieved between the two companies. He affirmed his complete confidence that the objectives of this cooperation, which depicts the distinguished relation between the two countries, are enriching mutual channels of direct investment and benefiting from national joint expertise in a manner that achieves growth and prosperity at the socioeconomic levels of both countries. On his turn, Dr. Mohammed al-Qahtani affirmed that the expansion towards the Omani market is a natural result of the volume and broad presence achieved by Al Meera in the Qatari market. He hoped that this cooperation with the National Investment Funds Company will be an incentive to experience this new step. For his part, the CEO of the National Investment Funds Company (NIFCO) said that the cooperation with Al Meera Company represents a positive new step to be added to the record of the company's achievements in various investment fields, in addition to enhancing its social responsibility. He added that this cooperation meets need of the market and consumers to avail the required commodities with appropriate and competitive prices from one hand and gives the opportunity to avail new job opportunities for the national young efficiencies on the other hand. It is worth mentioning that Al Meera Company is a public company traded on Qatar Exchange. The company has twenty-two outlets in Qatar. During 2010, the company achieved sales of QR 914 million and net profit of QR 63.9 million. Al Meera's largest shareholder is the Government of Qatar. The National Investment Funds Company (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 it is owned by the Omani State General Reserve Fund and the Omani civil and military pension funds. (QNA)