LONDON: The new owner of Geant stores across the UAE, Bahrain and Kuwait has pledged to retain existing employees following one of the region’s biggest retail takeovers.
Majid Al Futtaim, the retail group that brought an indoor ski slope to Dubai, on Thursday sealed the acquisition of Retail Arabia, the franchise owner of 26 Geant stores across the region as well as four Gulfmart supermarkets in Bahrain.
“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,” said Alain Bejjani, the CEO of the retail group.
“Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
The deal, first announced in June, cements Majid Al Futtaim’s hold on the regional grocery market by removing its largest competitor as it continues to open new malls undeterred by the wider pressures on retailers as more shoppers turn to the web.
Majid Al Futtaim agreed the acquisition with Retail Arabia’s parent company, BMA International.
All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
“This will see Carrefour 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 said in a statement.
Majid Al Futtaim was advised by Perella Weinberg Partners on the transaction.
Rents in the retail space in Dubai, where most of Majid Al Futtaim’s big malls are located, started to show single digit declines during the second quarter, according to data from JLL, the real estate consultancy.
It said that retail landlords were offering more flexible leasing arrangements in an effort to retain tenants.
No job cuts following Geant purchase says Ski Dubai builder Majid Al Futtaim
No job cuts following Geant purchase says Ski Dubai builder Majid Al Futtaim
Syria seeks major investors as 180 industrial zones resume operations, says official
RIYADH: Syria will need $100 billion to invest in infrastructure and $300 billion to develop its real estate sector over the next 10 years, Dhafer Al-Omar, assistant minister for administrative affairs at the Ministry of Local Administration and Environment, told Al-Eqtisadiah.
Speaking on the sidelines of the Real Estate Future Forum in Riyadh, Al-Omar said: “Today, we have five industrial cities and more than 180 industrial zones that have rapidly resumed operations. There is a strong push to attract major companies to establish factories in Syria.”
The Syrian official added that the country’s participation in the forum aimed to learn from successful experiences in the sector and to open doors for real estate investment in Syria through opportunities linked to infrastructure development.
He highlighted the attraction of numerous real estate companies and the signing of memoranda of understanding with Saudi and international firms during exhibitions focused on Syria’s reconstruction.
He noted that the country’s infrastructure remains dilapidated, requiring upgrades to roads, water, electricity, and telephone networks.
Al‑Omar also pointed out that Syria’s trade balance and exports continue to grow, driven by the industrial, agricultural, and textile sectors, alongside a strategic push to issue licenses for new engineering companies.
These efforts are part of a broader drive to develop infrastructure and modernize land and cadastral registries — preliminary steps aimed at facilitating and streamlining real estate development.
The official emphasized that Syria’s real estate investment market now represents a promising destination, offering attractive opportunities for developers looking to enter the sector.
