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First signed agreement opens doors to the United Arab Emirates
Sonae is going to strengthen its food retail unit international expansion through the franchising of Continente's chain. The first agreement, already signed, foresees the entry in the United Arab Emirates until 2017, taking the advantages offered by Continente to the Portuguese families also to the UAE residents.
Luis Moutinho, CEO at Sonae MC, says: "Continente's international expansion fits Sonae's global growth strategy which intends to build on the acquired competencies from the development of the retail formats and the creation of distinctive and innovating products that combine quality and price. The agreement celebrated with the United Arab Emirates marks the beginning of a new growing avenue through capital light formats which will be strengthened with new markets and additional development formats". The expansion into the United Arab Emirates will be carried out through a partnership with Fathima Group, a local conglomerate which operates in multiple sectors in the UAE, namely retail, distribution, wholesale, restaurants and catering, perfumes and cosmetics, floors production and cold storage, among others.
The United Arab Emirates have one of the most developed economies in the Middle East, with the 13th highest gross domestic product (GDP) per capita of the world. With a strong purchasing power, the country has approximately 9.5 million inhabitants, being about 85% foreign, thus presenting a great diversity of consumers.
Continente was the first hypermarket chain in Portugal and remains a benchmark in the food retail sector in the country. With its 30-year history Continente is the market leader having made a significant contribution to the change in families' consumer habits. Its stores stand out for offering a wide range, the best products at the best prices and service that brings us closer to our customers.
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© Press Release 2015
