ISTANBUL, Oct. 16, 2018 /PRNewswire/ -- Turkey's most wide-spread home improvement company Tekzen has signed a strategic partnership agreement with Al Meera Holding, the biggest retailer of Qatar. The aim of Al Meera is to create an additional trade volume up to $ 100 million in the next 2 years, with giving priority to Turkish partners.
Two retail giants Al Meera and Tekzen are assembling forces. Turkey's home improvement giant Tekzen has become strategic business partners with Al Meera Holding, the sector leader of retail in Qatar. Founded in 2005, Al Meera is the biggest retailer of Qatar for the last 11 years in food and non-food products.
Elaborating on the cooperation deal, Tekzen Chairman and CEO Murat Gigin said, "As Tekzen, we are the first and most wide-spread home improvement center in Turkey. We are celebrating our 23rd year. We have 140 stores in 59 cities in Turkey. Tekfen, our conglomerate company, has been working in Qatar for 13 years. We have so far finished $3.5 billion worth of projects. We have got $3 billion additional business in our hands. Today, we are here for a cooperation arising from this relationship. Al Meera Holding is 74% publicly traded company that controls the 30% of Qatar's food market with a revenue of about $1 Billion. Within the scope of the agreement, Tekzen we will be supplying products to Qatar throughout next year. We believe that the scope of this trade will continue to increase."
In his speech at the ceremony, Al Meera Holding Deputy Chairman Salah Al-Hammadi said; "Al Meera is the largest hypermarket chain in Qatar. We aim to grow both in the Qatar market and abroad. We have stores in Oman too. Our Oman operations constitutes 5% of our turnover. In the upcoming years, we are expecting to double our assets in Oman. It is important for us to increase trade and develop our cooperation with Turkey. We merchandise high-quality Turkish products with competitive prices in Qatar. We are cooperating with a reputable and reliable partner like Tekzen. Non-food is currently 5% of our business. We would like to increase this to 15%. Thus, we are estimating a 10% growth in our non-food category. Within the next year, we will be making an approximately $100 million worth procurement."