One of the largest mall owners and operators in the Middle East, Majid Al Futtaim (MAF) had bought Retail Arabia – the franchise owner of Geant stores all over the GCC including UAE, Bahrain and Kuwait.
The deal also includes four Gulfmart supermarkets in Bahrain, and all of the hypermarkets, supermarkets, and convenience stores around the GCC will change their brand to Carrefour. Carrefour has extended its presence in the UAE from 67 to 80 outlets, all that belong to Al-Futtaim group. In Bahrain it reached 11 outlets, and in Kuwait it’s 8.
The deal made was agreed between the two parties MAF and Retail Arabia’s parent company BMA International. MAF also mentioned that none of Retail Arabia’s staff are going to lose their jobs during the handover process.
Alain Bejjani, Chief Executive at MAF Holding cheered for the acquisition and said: “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 omni-channel offering.”