Majid Al Futtaim Holding has announced the purchase of the 25 percent minority stake owned by Carrefour Group in Majid Al Futtaim Hypermarkets LLC for 530 million euros.
The two groups also strengthened their exclusive franchise partnership by extending its time horizon and expanding its scope.
Partners since 1995, Majid Al Futtaim operates 50 hypermarkets and 44 supermarkets under the Carrefour brand in several countries in the Middle East, North Africa and Central Asia.
Under the agreement signed yesterday, Majid Al Futtaim will own 100 percent of Majid Al Futtaim Hypermarkets’ shares.
The exclusive franchise partnership with the Carrefour Group is renewed until 2025 and extended to new formats and new countries.
Majid Al Futtaim sees this as a strategic transaction driving long-term growth, with its demonstrated expertise and track record to develop the brand successfully, and will keep and strengthen the strategic partnership with Carrefour in new countries and new formats.
Closing of the transaction is subject to approval by the relevant authorities.
Majid Al Futtaim acquires full ownership of Carrefour franchise
Majid Al Futtaim acquires full ownership of Carrefour franchise
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
