DUBAI: Dubai’s Majid Al-Futtaim, the Middle East operator of French retailer Carrefour, is hiring 200 people as it rolls out an ambitious strategy to expand its digital and e-commerce operations, its chief executive said.
Majid Al-Futtaim, which in June acquired the franchise owner of Geant supermarkets in the Gulf, is bringing data scientists and engineers from Silicon Valley to make best use of its data, CEO Alain Bejjani said in a telephone interview.
Dubai’s retail sector has been slow to embrace data science compared with regional counterparts, but the recent acquisition of Dubai online retailer Souq.com by Amazon.com Inc. may push businesses to think about how to expand online.
“Technology is the currency of the future,” Bejjani said. “People need to understand why data is important and basically how can data help us ... do better business.”
The strategy is already bearing fruit for Majid Al-Futtaim, which has 7.5 million uniquely identified customers in the UAE alone.
In its Carrefour stores for instance the company crunched data related to its biscuit assortments. “We discovered a number of counter-intuitive insights, that when we implemented them they had a very big impact on productivity,” he said.
“We even discovered that there was one specific biscuit brand that actually had a big impact of people walking out of the store if they don’t find (that brand).
“The biscuit brand wasn’t highly promoted by the FMCG (fast-moving consumer goods) companies or the suppliers, and typically our people wouldn’t buy it, so they wouldn’t have it on the shelves as much as they should.”
Majid Al-Futtaim, which holds exclusive rights to the Carrefour franchise in 38 markets in the Middle East, Africa and Asia, according to its website, plans to take Carrefour in the United Arab Emirates online by mid 2018, and across its other territories in the next 24 months, he said.
UAE retailer Majid Al-Futtaim seeks data scientists to capture growth
UAE retailer Majid Al-Futtaim seeks data scientists to capture growth
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Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
