UAE: GMG acquires Aswaaq, expands retail network

GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors, has announced the acquisition of aswaaq LLC from Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, including its companies operating in retail, trading, and properties. This acquisition adds a total of 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network, positioning the group as one of the largest operators of community malls in the UAE. In April 2022, GMG acquired Géant operations in the UAE from Urban Foods by Dubai Holding, adding 18 hypermarket and supermarket outlets to its rapidly expanding retail footprint. Mohammad A. Baker, Deputy Chairman and CEO of GMG, said: “This acquisition marks a strategic milestone in our operations, as we not only expand our food retail portfolio but also add aswaaq’s companies operating in retail, trading, and properties. Our acquisitions and expansions come with a purpose-driven objective - to contribute to the UAE government’s National Food Security Strategy and enhance and add value to our consumers’ well-being. We want to cover the entire consumer journey from creating concepts and brands to retailing our home-grown and international partners’ brands, brought together with an overarching commitment to improving people’s lives through active living, nutritious food, and good health.” "We ventured into food retail last year as we want to cover the entire food consumption chain from farm-to-fork. By bringing aswaaq under the GMG portfolio, we are getting even closer to our communities. Through a wide range of supermarkets and community malls, we will continue enhancing convenience and improving our customers’ lifestyle choices. We aim to take the concept of community malls to greater heights by nurturing the surrounding communities, regularly engaging with them, and creating opportunities for the local communities to thrive. aswaaq’s customer loyalty program, wafa, was designed to bring better value to the customers, and as such, it will remain an imperative platform for us to serve the national communities better,” added Baker. Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai, said: “We, at ICD, are very proud of all that has been achieved at aswaaq in the last 12 years. We believe that aswaaq and its employees will thrive and grow under the guidance of a diversified family-owned business with immense experience and a glowing track record in the retail sector, where aswaaq will play the leading role in GMG’s push to become the main player in UAE food retail." Currently, GMG’s Consumer Goods division manages Franprix, Monoprix, and Géant brands. To date, GMG has introduced over 120 brands and has announced plans to double its global workforce by 2025. Currently, GMG employs approximately 8,700 people across all its verticals, with its workforce estimated to grow by around 10% after the acquisition. GMG's evolving retail strategy comes amid a rapid expansion of the UAE's consumer retail market. The segment is anticipated to grow at nearly 6% in the next five years and touch US$37.70 billion by 2027 because of the rising per capita income, a booming tourism sector, a growing number of expatriates, and new commercial projects, including malls. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

UAE: GMG acquires Aswaaq, expands retail network

DISCOVER MORE

Amazon, other retailers revamp 'free' shipping as costs soar

Commerce Ministry beefs up inspection raids on sales outlets in Makkah, Madinah

Union Coop distributes 22% cash dividends and 5% returns on shareholder purchases

British retail sales rebound despite cash-strapped consumers

ENOC Group, DTCM awards over $2.45mln to winners during DSF 2023

British retail sales rise 1.2% in February

Saudi: Commercial establishments can obtain discount permits online for Ramadan sale

Foundation stone laid for Mall of Srinagar, developed by Emaar

UAE exchange firm Al Ansari upsizes IPO on strong investor demand

Dubai's Emirates expands training fleet with $4.3mln aircraft order

2 African development banks invest $16bln in oil, gas projects

GCC central banks track US Fed move; hike key rates by 25bps

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Ramadan in UAE: Retailer freezes prices of over 70 basic commodities for 6 months

Ramadan 2023 in UAE: How residents can save up to 70% on groceries despite hike in prices of poultry, eggs

Malabar Gold opens global hub in Dubai

Sharaf Group signs strategic deal with India’s Tanishq

UAE: Jarir Bookstore opens in Sharjah

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

Will gold face more downside or upside after Fed's rate hike?

Kenya signs $250mln deal with UK to boost food production

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

India-UAE travel alert: Airline announces changes to flight timings; all passengers advised to reconfirm

AD Ports Group launches new Ro-Ro Shipping Service to improve commercial connectivity with Kuwait

Reese Witherspoon, agent husband make 'difficult decision to divorce'

Influencers take stock of life and dreams if U.S. bans TikTok

Binance says withdrawals have resumed after technical glitches

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE