UAE-based diversified family business GMG expands its retail network with the acquisition of aswaaq LLC from Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, including its companies operating in retail, trading and properties.
With this acquisition GMG adds a total of 11 community malls and 22 supermarkets to its rapidly expanding retail network, positioning the Group as one of the largest operators of community malls 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.
Commenting on the acquisition Mohammad A. Baker, Deputy Chairman and CEO of GMG said, “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’ wellbeing. 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.”
“We ventured into food retail last year as we want to cover the entire food consumption chain from farm-to-fork. By bringing aswaaq under the GMG portfolio, we are getting even closer to our communities. Through a wide range of supermarkets and community malls we will continue enhancing convenience and improving our customers’ lifestyle choices. We aim to take the concept of community malls to greater heights by nurturing the surrounding communities, regularly engaging with them and creating opportunities for the local communities to thrive. aswaaq’s customer loyalty programme, wafa, was designed to bring better value to the customers, and as such, it will remain an imperative platform for us to serve the national communities better,” he added.
“We, at ICD, are very proud of all that has been achieved at aswaaq in the last 12 years. We believe that aswaaq and its employees will thrive and grow under the guidance of a diversified family-owned business with immense experience and a glowing track record in the retail sector, where aswaaq will play the leading role in GMG’s push to become the main player in UAE food retail,” added Khalifa Al Daboos, Deputy CEO, ICD.
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