Home Centre, the largest home retailer in the Middle East, on Wednesday announced plans to open more than 50 new stores over the next five years.

Médéric Payne, CEO of Home Centre, said the company would invest more than AED1 billion ($272 million) over the next five years to strengthen its presence across the Middle East, North Africa and Asia.

Home Centre will also remodel over 40 existing stores in the region, he added.

The Dubai-headquartered brand, which is celebrating its 20th anniversary, has grown from a single store opened in Sharjah in 1995 into an international network of nearly 90 stores spread across 10 countries and occupying a total space of 4 million sq ft.

While continuing to strengthen its existing market presence, Home Centre said it will also explore expansion opportunities in countries such as Kazakhstan, Morocco, Kenya, Algeria and Angola, both through organic growth and new franchise operations.

The brand's projected expansion will create around 3,000 new job opportunities by 2020.

Payne said: "Twenty years marks a significant milestone for a home-grown brand like ours that has today evolved to become the region's preferred home shopping destination.

"We have ambitious plans for Home Centre in the next five years. We will increase our store count and retail footprint by 50 percent, while venturing into new markets. This expansion will fuel Home Centre's next phase of growth."

The company is also gearing up to launch an online platform on September 20 to enable customers across the UAE to browse and shop for more than 2,500 products from the comfort of their homes.