GMG, headquartered in Dubai and noted for being one of the world’s largest Nike partners, is expanding its grocery presence by acquiring 11 community malls and 22 supermarkets run by aswaaq LLC from Investment Corporation of Dubai (ICD).
The agreement provides GMG clout in a crucial demographic, with aswaaq sites in Dubai popular with UAE nationals. According to Mohammed A. Baker, Deputy Chairman and CEO of GMG, the objective is to expand the aswaaq customer base through new sites both in the UAE and abroad.
“aswaaq is a great name, and ICD did an incredible job with it,” Baker remarked. “As for GMG, we are a growing firm, and when we purchase something, it is never bought and run as is. We will do everything possible to improve aswaaq.”
With the acquisition, about 700 aswaaq employees will join GMG. (The transaction’s value has not been disclosed.)