GMG acquired aswaaq LLC from the 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 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.
“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,” Mohammad A. Baker, Deputy Chairman and CEO of GMG, said.
Currently, GMG’s Consumer Goods division manages Franprix, Monoprix, and Géant brands.
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