Saudia Group, a Qatar-based supermarkets and hypermarkets conglomerate, is entering the UAE market with the opening of Kenz Hypermarket in Ajman.
Kenz Hypermarket, which is one of three business units under the umbrella of Saudia Group, has invested AED80 million into the venture in Ajman.
The company said in a statement that the Ajman store will be its first outside of Qatar where it is a household name. It added that it plans to expand with further UAE shops in the future.
NK Musthafa, chairman of Saudia Group of Companies, said: "We are very pleased to venture into the UAE which is an extremely promising market for growth.
"Our aim is to take our quality food and lifestyle products to a wider expanse of consumers across the region. Our retail operations has seen a steady growth in Qatar and we are positive that UAE, with its vibrant economy and large avenues for hypermarkets, will be a highly opportune market for us."
He added: "Ajman offers the perfect launch pad for us in the UAE. We are looking at expanding into other Emirates in the near future. Although the country has a large number of supermarkets and hypermarkets, the business potential for department stores here is growing vigorously."
Rashid Musthafa Abdu, managing director of Saudia Group of Companies, said: "Our expansion plans in the UAE are well underway where, with the opening of Kenz Hypermarket in Ajman, we hope to build strong relations with the country and establish a strong growth here. As a new entrant in the market, we aim to make a mark here and cater to customers for all their needs."
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