$100M deal between Tekzen and Qatari Al Meera
Qatari food retailer Al Meera Holding plans to expand its non-food retail activities in partnership with Tekzen Holding’s home beautification market Tekzen. Al Meera will purchase $90-100 million dollars of domestic products in the first year through Tekzen. “We will supply products to Qatar within the next one year,” Tekzen CEO Murat Gigin stated.
“The sales of Turkish brands have increased by 80 percent after the embargo,” Al Meera Holding Vice President Salah Al-Hammadi added, referring to the Saudi Arabia-initiated isolation of Qatar.
Tekzen is celebrating its 23rd year. Gigin said their parent company, Tekfen, has overseas operations and has been working with Qatar for 13 years.
“So far we’ve done $3.5 billion of work and secured $3 billion in additional business,” he said. “The current relationship is the fruit of that older relationship. Al Meera Holding controls 30 percent of Qatar’s food market and about 74 percent of it is a publicly traded company with a turnover of over one billion dollars. There are 52 stores in Qatar and four in Oman. The compa- ny wants to improve in non-food sectors. We expect that this growth will benefit from the dynamics and know-how of Tekzen. Today’s protocol was signed in this context. Al Meera will supply non-food product categories from Turkey. As Tekzen, we listed 5,000 different products to Al Meera from nearly 3,000 domestic suppliers in the non-food category. We believe that the scope of this trade will continue to increase.”
Al-Hammadi, Al Meera Holding’s Vice President, added that Al Meera is Qatar’s largest hypermarket chain and has growth targets both in Qatar and in markets outside Qatar. “Oman accounted for 5 percent of our turnover,” he said. “We aim to double our presence in Oman in the coming years. Non-food retail accounts for five percent of our business. We aim to increase this to 15 percent and 10 percent growth in non-food retail. That’s why we cooperate with a reputable partner like Tekzen. We are planning purchases of about $90100 million for the coming year. We will start gradually and with small amounts and progress gradually according to the market reaction.”