GMG acquires aswaaq from Dubai Investment Corporation – News

Acquisition adds 11 neighborhood shopping centers and 22 supermarkets to GMG’s rapidly expanding retail network

GMG Vice Chairman and CEO Mohammad A. Baker and Dubai Investment Corporation Deputy CEO Khalifa Al Daboos signed the agreement. — photo provided

GMG has announced the acquisition of aswaaq LLC from the Investment Corporation of Dubai (ICD), the principal investment arm of the Dubai Government, including its companies operating in the retail, trading and real estate sectors.

The acquisition adds 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network, making the group one of the largest community mall operators in the UAE.

In April 2022, GMG acquired the Géant business of Urban Foods, a subsidiary of Dubai Holding, in the UAE, adding 18 hypermarket and supermarket stores to its rapidly expanding retail business.

GMG Vice Chairman and Chief Executive Officer Mohammad A. Baker said the acquisition marks a strategic milestone for our operations as we expand not only our food retail portfolio but also add aswaaq companies in retail, trading and real estate .

“Our acquisitions and expansions have a purpose-driven objective – to contribute to the UAE Government’s National Food Security Strategy and to enhance and add value to the well-being of our consumers,” he said.

“We want to cover the entire consumer journey from concept and brand creation to retailing our local and international partners’ brands, combined with an overall commitment to improving people’s lives through active living, nutritious food and good health,” he added.

“We ventured into food retailing last year as we wanted to cover the entire food consumption chain from farm to fork. By bringing aswaaq into the GMG portfolio, we are getting closer to the community. Through a wide range of supermarkets and community malls, We will continue to enhance convenience and improve our customers’ lifestyle choices,” he said.

“Our aim is to take the community mall concept to greater heights by nurturing the surrounding community, engaging with them on a regular basis and creating opportunities for the local community to thrive. aswaaq’s customer loyalty program wafa aims to bring customers better value, and as such, it will remain an essential platform for us to better serve our nation’s communities,” Baker added.

Khalifa Al Daboos, Deputy Chief Executive Officer, Investment Corporation of Dubai, said: “At ICD, we are very proud of what we have achieved at aswaaq over the past 12 years. With extensive experience and a strong track record in the retail space, aswaaq will play a leading role in GMG’s journey to become a major player in the retail sector UAE Food Retail.”

Currently, GMG’s Consumer Products division manages the Franprix, Monoprix and Géant brands. To date, GMG has launched more than 120 brands and has announced plans to double its global workforce by 2025.

GMG currently has approximately 8,700 employees across all its verticals and expects to grow its headcount by approximately 10% following the acquisition.

GMG’s evolving retail strategy comes at a time of rapid expansion in the UAE’s consumer retail market. The segment is expected to grow nearly 6 percent over the next five years to reach $37.7 billion by 2027, driven by rising per capita incomes, booming tourism, rising numbers of expatriates and new commercial projects including shopping malls .

— business@khaleejtimes.com