Majid Al Futtaim takes over Geant's Mideast outlets
DUBAI, June 29, 2017
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced the acquisition of Retail Arabia, the franchise owner of 26 Geant stores across the UAE, Bahrain and Kuwait as well as 4 Gulfmart supermarkets in Bahrain.
As per the terms of the agreement, all of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
An agreement in this regard has been reached between Majid Al Futtaim and Retail Arabia’s parent company BMA International. Majid Al Futtaim was advised by Perella Weinberg Partners on the transaction.
With this deal, Carrefour will extend its leading position in the UAE by increasing its store count from 67 to 80, while in Bahrain and Kuwait, it will further establish the brand as one of the largest grocery retail operators by increasing its stores to 11 and 8 respectively.
Majid Al Futtaim has confirmed that all Retail Arabia’s employees will be retained following the acquisition and empowered to deliver Carrefour’s world-renowned customer experience.
Alain Bejjani, the chief executive at Majid Al Futtaim – Holding, said: "This acquisition is a major milestone for Majid Al Futtaim, one which further cements Carrefour’s position as the largest and most successful grocery retailer in the region and beyond."
"We are open to further prospects, through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach. Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering," he noted.
Carrefour, he stated, is a brand already synonymous with quality, affordability convenience and a diligence to offer exceptional customer experience.
"By extending its reach, we will deliver these promises to more customers in more locations, while enhancing Majid Al Futtaim’s overall ability to fulfil its vision of creating great moments for everyone, everyday," he added.-TradeArabia News Service
