MMI takes stake in Omani firm

Dubai-based Maritime and Mercantile International has picked up a 50 per cent stake in Oman United Agencies (OUA), which has interests in retail, distribution and travel. The value of the deal was not revealed.

"The opportunity to acquire a stake in Oman United Agencies has come at an excellent time for MMI. As a partnership we are ideally positioned to deploy our combined core competencies of supply chain management, marketing expertise and sales force and distribution management to grow our market share across the Gulf markets," said Gary Chapman, chairman of MMI and chief director support and development for Emirates Group.

"Together, MMI and OUA share the vision of becoming the leading provider of products and services to the leisure and retail industries across the region."

The two have had a trading relationship since the early 1990s. OUA has been operating in Oman since 1923 under the Gray Mackenzie banner, and was formally established as Oman United Agencies in 1973.

"We recognise the merging of our operations as a fundamental step in the pursuit of our longer term development," said Abdullah Moosa, chairman of OUA.

"The structures of both OUA and MMI have several marked similarities and so the ability of the two management teams to combine and drive efficiencies through this partnership shall have an immediate positive impact on the business as a whole."

Salim Hassan Macki and Hussain Mohammed Ali, two prominent Omani businessmen, join the panel of shareholders of OUA, which includes Haleema Moosa.