Maritime and Mercantile International (MMI), has described the purchase of a 50 per cent stake in Oman United Agencies LLC (OUA) as an opportune investment and one that could help the partnership grow its market share across the Gulf.

The Muscat-based OUA, dealing in fast-moving consumer goods, retail distribution and travel, is one of the oldest companies in the sultanate.

Gary Chapman, chief director for support and development for the Emirates Group and Chairman of MMI, said the purchase of the OUA shareholding represented a significant investment for MMI.

"The opportunity to acquire a stake in OUA, one of the country's most reputable organisations, has come at an excellent time for MMI. As a partnership, we are ideally positioned to deploy our combined core competences of supply chain management, marketing expertise and sales force and distribution management, in order to grow our market share across the Gulf markets," said Chapman.

"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," he added.

Abdulla Moosa, OUA chairman, welcoming the partnership between two of the oldest and most established companies in their respective markets, said: "We have enjoyed a close trading relationship with MMI in Dubai since the early 1900s, and we recognise the merging of our operations as a fundamental step in the pursuit of our longer-term development."

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

Salim Hassan Macki and Hussain Mohamed Ali, two well-known business personalities in the Oman market, joined the OUA panel of shareholders, which includes Haleema Moosa.

MMI is an associate company of the Emirates Group. Established in 1891, the company operates through six distinct businesses: MMI Logistics, MMI Consumer, MMI Beverages, MMI Travel, MMI Corporate Services and MMI Leisure Retail.

OUA has been operating in Oman since 1923 under the Gray Mackenzie banner, and was formally established as Oman United Agencies LLC in 1973. OUA operates three main divisions: OUA Retail, OUA Travel and OUA Consumer.