Marka, a leader in the retail and hospitality sector in the United Arab Emirates, has acquired the award-wining restaurant chain Reem Al Bawadi in a deal valued at Dh315 million ($85.7 million).

The move forms part of Marka’s long-term growth strategy of building a portfolio of leading brands operated by its food and beverage division, Marka Hospitality, a statement said.

The acquisition is being funded by a blend of the company’s own funds and bank facilities and is anticipated to have an immediate impact on Marka’s bottom line financial performance. The sale is one of the largest food and beverage acquisitions in the UAE relating to a home-grown hospitality brand.

Khaled Almheiri, vice chairman & managing director at Marka said: “Reem al Bawadi is a family friendly restaurant renowned for its authentic Middle Eastern cuisine and superb hospitality. Over the last decade, it has become a landmark for Arabic food in the UAE and its recent expansion outside its home market into Saudi Arabia and Pakistan has proven the broad appeal of the brand.”

The themed restaurant is celebrated for its authentic Middle East cuisine and is a winner of the prestigious BBC Good Food ME Award 2014 “Best Middle Eastern Restaurant” as well as the winner of What’s On Awards 2014 “Best Middle Eastern Restaurant”.

Ayman Abdel Jaber, CEO and founder of Reem Al Bawadi said: “Since the first Reem al Bawadi restaurant opened in 2001, our genuine flavours and ambience – suitable for families and special occasions – have made us well-known as a ‘home away from home’.

“As we have grown, we have maintained our commitment to our customers and to preserving this spirit. Marka is committed to nurturing and growing the brands that it operates, and we are delighted to bring the authentic Middle East cuisine and hospitality of Reem Al Bawadi into the Marka family of brands.”

Marka plans to embark upon an ambitious expansion programme for Reem al Bawadi across the GCC, with new locations confirmed to open in 2015, including at least two new company owned outlets in the UAE and up to five new franchised outlets in the wider Mena region.

Almheiri further confirmed that Jaber will be joining Marka Hospitality in an advisory capacity.

“Jaber has taken Reem al Bawadi from concept stage to the successful and profitable brand it is today. He brings extensive industry experience that will benefit Marka’s food and beverage division and we look forward to working together to grow Marka Hospitality,” said Almheiri.

The sale was arranged and coordinated by the advisory firm, PineTree Capital, advisor to Reem Al Bawadi. – TradeArabia News Service