Refile: Turkey's Kiler strikes deal to open stores in Qatar

Kiler Gayrimenkul Yatirim Ortakligi A S

01/07/2014 13:37

(Fixes typo in Rayyan spelling, paragraph 2) 
    By Ceyda Caglayan 
    ISTANBUL, July 1 (Reuters) - Turkey's Kiler Holding 
 KILER.IS  has signed a memorandum of understanding (MoU) with 
Qatar-based Al Rayyan to open and operate Kiler supermarkets in 
Doha, the Turkish company's finance chief told Reuters in an 
interview. 
    Under the agreement, Kiler and Al Rayyan - which has tourism 
and trade interests - will open and operate Kiler stores in the 
Qatari capital, and introduce Turkish products to the market. 
    Kiler Holding has investments in retail, real estate, 
construction and energy. Its supermarket chain subsidiary Kiler 
 KILER.IS  has 202 stores in Turkey. 
    "We expect the final agreement to be signed by September, 
and the first store to be opened in early 2015. Although not 
decided yet, we are expecting to open at least 5 stores in 
Doha," Kaan Aytogu, Kiler Holding chief financial officer, told 
Reuters late on Monday. 
    Aytogu did not elaborate on the size of the investment, 
since the final agreement has not been signed yet.     
    "We will focus on Doha for the next two years. But apart 
from this agreement, Kiler is also planning to open stores in 
Abu Dhabi and Dubai, Kuwait's Kuwait City, Saudi Arabia's 
Dammam, Bahrain's Manama and Oman's Sohar and Muscat within five 
years," Aytogu said. 
    Kiler's sales in the retail sector exceeded 1 billion lira 
($472 million) in 2013 and it expects 10 percent annual growth 
in the Turkish market for the next five years. 
    Kiler is aiming for annual sales of 500 million lira in 
foreign markets in the medium term, Aytogu said. 
    ($1 = 2.1200 Turkish Liras) 
 
 (Writing by Ceyda Caglayan and Ece Toksabay; Editing by Jonny 
Hogg and Mark Potter) 
 ((ece.toksabay@thomsonreuters.com)(+90 212 3507052)(Reuters 
Messaging: ece.toksabay.reuters.com@reuters.net)) 
 
Keywords: KILER ALRAYYAN/