Jul 16 2009 |
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Aswaaq plans to go public in Q1 next year
Dubai-based retailer Aswaaq plans to go public during the first quarter of 2010 despite the financial crisis and its effects on the UAE and regional economies, said its chief executive.Abdul Baset Al Janahi, CEO of Aswaaq and member of its founding committee, said: "We have the approval of the UAE Cabinet. We are looking at the right opportunity and the right time.
In the past eight months many businesses have made announcements and then backed off, but we are not backing off. We will stick with our plans to issue the initial public offering.
"We originally had plans to list in October, but postponed the move after the crisis happened. And postponing means neither cancelling nor ruling it out.
"We believe the economy will start rebounding in the fourth quarter of the year. When it does, we expect it to be at a slower pace and that is OK."
Al Janahi believes his "retail shopping concept offers a different experience" for consumers. He said Aswaaq was sticking with its expansion plans for new outlets before the end of the year.
On his expectations for the summer, Al Janahi said: "For our type of retail activities, the summer is not that bad. And the reason for this is that many people also stay put rather than travel. Let's not forget the Holy Month of Ramadan follows the summer as well. So we expect a stable performance before we get into the last quarter of the year.
"After October, if things go well, we will open new outlets every two weeks. We are open to expanding outside Dubai as well, to the rest of the UAE and beyond. But currently, we are satisfied with our pace of growth in such times."
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