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UAE-based retailer and distributor GMG has announced the acquisition of Geant stores in the UAE and exclusive rights to expand the French brand’s operations in the Middle East.
The deal includes acquisition of 18 hypermarkets and supermarkets from Urban Foods by Dubai Holding and marks GMG’s foray into food retail, the company said on Tuesday.
Geant is part of Groupe Casino, a French retailing giant with a turnover in excess of 35 billion euros ($38 billion).
GMG also announced new openings that will feature other French grocery brands under Groupe Casino’s business, including Franprix and Monoprix.
In 2020, the global well-being, retailing, distributing company acquired Royal Sporting House. Recently, GMG acquired the rights to manage, distribute and retail the Nike brand in Egypt and Iraq starting in the third quarter of 2022.
(Writing by Cleofe Maceda; editing by Seban Scaria)
