Muscat: Oman Coop has signed a partnership and management contract with City Centre Kuwait, with the aim of benefiting from its expertise in the retail sector, training and qualifying Omani cadres in this field, and also plans, through this partnership, to expand in all governorates of the Sultanate of Oman by about 25 branches.
The contract was signed by Oman Cooperative Jamal bin Abdullah Al Mulla, Vice Chairman of the Board of Directors, while it was signed by City Centre Kuwait Company Adel Al-Ghanim, Chairman of the Board of Directors of the company, in the presence of His Excellency Dr. Saleh bin Amer Al Kharusi, Oman’s ambassador to the State of Kuwait, and a number of officials from both sides.
His Excellency the Ambassador of the Sultanate of Oman accredited to the State of Kuwait stressed the importance of this partnership, which is an important step in extending growing and advanced economic relations between the two brotherly countries, whether at the governmental level or the private sector.
For his part, Jamal Al Mulla said that “Oman Coop” aims, through this partnership, to expand in all governorates of the Sultanate by about 25 branches and transform into a public joint stock company during the next 10 years, explaining that the partnership is of great importance to the retail sector in the Sultanate of Oman, which will contribute effectively To achieve its great ambitions by benefiting from the expertise of the Kuwaiti company, which operates 4 cooperative societies in Kuwait, with annual sales estimated at 110 million Omani riyals.
He pointed out that the retail sector in the Sultanate of Oman constitutes about 38 percent of the total output, with a value of up to $30 billion, indicating that there are great opportunities in this field in the Omani market.
It is noteworthy that “Oman Coop” is owned by Shinas Development Company, a closed joint stock company owned by 2,700 Omani shareholders. It is the first company in the retail sector in the Sultanate of Oman, as it started its business in 2018 and expanded rapidly by opening three stores, and it is about to open a fourth store soon in the Wilayat of Buraimi. It is currently listed on the third market of the Muscat Stock Exchange and seeks to enter the public market on the stock exchange within the next few years.
