Majid Al Futtaim has agreed with Retail Arabia’s parent company, BMA International to acquire Geant hypermarkets across the region, it was announced today. All Geant stores in the Middle East will be rebranded to Carrefour.
Retail Arabia had around 26 Geant stores spread across the UAE, Bahrain, and Kuwait, as well as Gulfmart supermarkets in Bahrain.
Majid Al Futtaim, which already owns a number of shopping malls, communities, and retail establishments in the MENA region, said that the acquisition will further strengthen Carrefour’s position in the UAE, increasing its total store account from 67 to 80. In Bahrain and Kuwait, the store count will increase to 11 and 8, respectively.
“This acquisition is a major milestone for Majid Al Futtaim, one which further cements Carrefour’s position as the largest and most successful grocery retailer in the region and beyond,” said Alain Bejjani, CEO at Majid Al Futtaim. “We are open to further prospects through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach. Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
According to the company, all employees under Retail Arabia will be retained.