GMG has announced its acquisition of Aswaaq from the Investment Corporation of Dubai. This acquisition adds 11 community shopping centers and 22 supermarkets to GMG's expanding network of retail outlets, making the group one. One of the largest operators of community shopping centers in the UAE.
In April 2022, GMG acquired the stores of the “Jian” brand from the “Urban Foods” company of the “Dubai Holding” group, adding 18 hypermarkets and supermarkets to its retail network, according to the Emirati newspaper, Al Khaleej.
Muhammad Baqer, Vice Chairman and CEO of GMG, said: “This acquisition represents an important strategic milestone in our operations, through which we not only expand our retail food portfolio, but also add to our record the “aswaq” companies operating in the sales sectors. Retail, trade and real estate.
Baqer added: “Our acquisitions and expansions are based on a specific goal, which is to contribute to the national strategy for food security in the UAE, and to enhance the wellness levels of our consumers and give them greater value. We also seek to cover the entire consumer journey, from creating concepts and brands to retailing a diverse portfolio of local and international brands, in addition to our total commitment to improving people’s lives through active lifestyles, nutritious foods and good health.”
GMG Vice Chairman and CEO continued, saying: “We entered the food retail sector last year with the aim of covering the entire food consumption chain, from the field to the dining table. By adding aswaaq to the GMG portfolio, we are moving closer to the communities we serve. We will continue to enhance the convenience and lifestyle of our customers through our wide range of supermarkets and community shopping centers.”
For his part, Khalifa Al Dabbous, Executive Vice President of Investment Corporation of Dubai, said: “We at Investment Corporation of Dubai are very proud of the successes achieved by the markets over the past 12 years. We are confident that “aswaaq” with the support of its employees will achieve further growth and prosperity under the supervision of a diversified family company with tremendous experience and a proven track record in the retail sector, as “aswaaq” will play a leading role in strengthening GMG’s efforts to become the most prominent company in the retail sector. Retail foodstuffs in the Emirates ».
The GMG Consumer Products Division currently operates the Franprix, Monoprix and Geant brands. To date, GMG has offered more than 120 international brands in the markets in which it operates and announced its plans to double the number of its global human cadres by 2025. It currently has approximately 8,700 employees in all its sectors, and its cadres are estimated to grow by about 10 % after the acquisition.
