GMG acquires retail company aswaaq

GMG, a global retailer and distributor in MENA, has acquired retail company aswaaq from Investment Corporation of Dubai, Dubai government's investment arm.

aswaaq operates supermarkets and community retail malls in the UAE. With this acquisition, 11 community malls and 22 supermarkets will be added to GMG's retail network.

The acquisition is aimed at contributing to the UAE government’s National Food Security Strategy and enhancing consumer well-being, said Mohammad A. Baker, Deputy Chairman and CEO, GMG, in a statement.

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In April last year, GMG had acquired Géant operations in the UAE from Urban Foods by Dubai Holding. This acquisition had added 18 hypermarket and supermarket outlets to its retail network.

So far, GMG, which works across Middle East and North Africa (MENA) and Asia, has introduced more than 120 brands, including Nike, McCain, Dropkick and Columbia. At present, the consumer goods division of GMG manages the brands Géant, Monoprix and Franprix.

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Currently, GMG employs around 8,700 people across verticals. The acquisition of aswaaq is expected to increase its workforce by 10%. GMG plans to double its global workforce by 2025.

UAE's consumer retail market is expected to grow at a CAGR of 5.88% and reach $37.70 billion by 2027, driven by factors such as rising per capita income, the developing tourism segment, increasing expat population in the UAE, and developments in construction, said the report, according to a report by Techsci Research.