United Electronics Company (eXtra), Saudi Arabia’s fastest-growing consumer electronics and home appliance retailer, announced Monday plans to open its first store in the Sultanate of Oman. The store in Muscat will be eXtra’s first outside Saudi Arabia.
eXtra aims to become the leader in the consumer electronics and home appliance market which is worth upwards of SR2.5 billion. The population of Oman is more than 3 million where the GDP per capita growth has been 4.25 percent annually for the last two years. The more than 8,000 square meters lot with a more than 4,000 square meters store is currently under construction in the Bausher region. The store is part of a newly formed Limited Liability Company, United Electronics Company in Oman.
"eXtra’s tremendous success since its formation has been built on being located close to our customers and offering them the widest choice of products at the best prices. Our expansion strategy has been focused on meeting the local demand in the Saudi market and our planned growth will continue locally as well as regionally. Our expansion into Oman marks another major milestone in our long-term strategic growth plans, and brings us another step closer to achieving our goal of becoming one of the region’s favorite retailers. These plans include Bahrain and Qatar which will help us gauge the regional market and allow for further expansion into Middle East," said Abdullah Al Fozan, Chairman of the Board, United Electronics Company. (eXtra). "The opportunities for big box consumer electronics retailers are particularly bright in Oman and this is due to the young and growing population and the purchase power of the consumer and we will strive to achieve our vision of becoming the leading retailer of consumer electronics, appliances and communication solutions in the central region of the world by 2020." – SG