October 19, 2017

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HOME REGIONS Middle East › Majid Al Futtaim bags Geant

Majid Al Futtaim bags Geant

by Stuart Wilson, Monday 17 July 2017

Carrefour Shindagha, Bur Dubai, UAE
Carrefour Shindagha, Bur Dubai, UAE

Majid Al Futtaim, a leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, recently acquired Retail Arabia, the franchise owner of 26 Geant stores across the UAE, Bahrain and Kuwait as well as 4 Gulfmart supermarkets in Bahrain. The deal has been agreed between Majid Al Futtaim and Retail Arabia’s parent company BMA International. As part of the Majid Al Futtaim retail offering, Carrefour currently operates over 160 stores in 15 markets across the MENA region.

All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour. This will see Carrefour extend its 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.

Carrefour is one of the leading retailers of consumer tech products in multiple national markets across the Middle East.

Alain Bejjani, CEO at Majid Al Futtaim Holding, commented: “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 omnichannel offering,” Bejjani added.

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