Majid Al Futtaim acquires 26 stores in the gulf

saudi Aramco

Majid Al Futtaim, a golf-focused retail shopping investor has acquired 26 stores from Geant in the Gulf.

All the supermarkets will be rebranded into Majid Al Futtaim. Bloomberg estimated that the acquisition was worth USD500 million.

The acquisition is funded by the company’s debt structure.

Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.

The company has grown into one of the largest businesses in the region spanning 15 international markets, employing more than 34,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.

Majid Al Futtaim owns and operates 20 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Asia, and operates a portfolio of more than 170 outlets in 15 countries.

Majid Al Futtaim operates 242 VOX Cinema screens and 28 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing ‘Najm’ and ‘Voyager’ credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.

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