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GMG Acquires Aswaaq Retail Chain From Investment Corporation Of Dubai



GMG Acquires Aswaaq Retail Chain From Investment Corporation Of Dubai

Dubai witnessed a major acquisition as GMG, a well-established business giant acquired aswaaq from the Investment Corporation of Dubai (ICD). The ICD deals with the different investment branches of the Dubai Government and they majorly deal in trading, properties, and retail. The acquisition of aswaaq gives GMG ownership of eleven community malls and twenty-two supermarkets and this makes GMG one of the largest property and trading companies in Dubai.

GMG is a family-owned business conglomerate commanding a considerable global presence 

Mohammad A. Baker, deputy Chairman and CEO of GMG said that the acquisition was a strategic move by the company to establish a wider reach into the consumer community. It would also bring in a solid seven hundred employee strength to GMG that will enable the establishment to scale new heights in the retail and trade sector.

This new acquisition is part of a series of new additions to the family-owned business and last April GMG bought Geant operations in the UAE from Urban Food by Dubai Holding. This added eighteen hypermarkets and supermarkets under the expanding business chain of GMG.

GMG is a family-owned business conglomerate commanding a considerable global presence 

With its global presence in over 58 cities in 12 countries, GMG employs a total of 8,700 people across all its investment and retail sectors with the new acquisition adding another ten percent. GMG plans to double its global workforce by 2025 and to date, it has released around 120 brands into the market. They own homegrown brands like Klassic, Sun&Sand Sports, Supercare Pharmacy, and international brand partners like Nike, Timberland, McCain, Under Armour, vans, Columbia, and Mama Sita’s. 

As per the reports released by Alpen Capital, the retail sector in Dubai is set to increase at a CAGR of 5.1 percent from 2022 to 2026. This would highly boost the business strategy of GMG, as they are making headway into the retail market of Dubai through multiple acquisitions. Mr. Baker observed that the expansion plans of the company can be both organic and inorganic as they are looking for more opportunities for investment.

An Asia-Pacific headquarters of GMG has been announced in Malaysia and another Africa-based headquarters will be opened soon in Cairo. The presence of GMG in the MENA region would be further strengthened and the expansion plans would yield more productive benefits as the UAE and other Arab countries in the region are planning for large-scale economic expansions in the non-oil sector.

GMG also hopes to align itself with the National Food Security strategy of the UAE so that it can offer value-oriented services and products to the consumers of the community. They are also planning to pin their acquisitions and expansions to a more purpose-based idea of giving back to the community at large. The concept of community malls would be expanded and nearby communities would be included so that new opportunities can be created for local neighborhoods to prosper. 

The well-being of the consumer will be at the heart of GMG’s operations by trying to be part of the complete consumer journey that starts from the creation of new brands and concepts to offering a transparent retail system. This would include homegrown brands and also international partners’ brands. The emphasis will be on providing a commitment-driven active lifestyle that includes nutritious food and good health for the consumers.

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Khalifa Al Daboos, deputy CEO of the Investment Corporation of Dubai expressed confidence in the operations of GMG as he believes the employees of aswaaq will have a nurturing environment at GMG to progress and thrive in their professional life. The long-term experience brought in by the family-owned business conglomerate will definitely help in creating new modes of growth in the retail sector of the UAE. Aswaaq will be one of the leading hands of GMG for its entry into the retail market in Dubai and the UAE.

The business integrations in Dubai with large entities like GMG would really put the investment plans to the next level as major international players would perceive Dubai as the upcoming center of global business exchange. The farm-to-fork strategy adopted by GMG will also create uniform business channels in the UAE that will help manage the economy with better transparency.

New manufacturing plants will also be announced in the near future by the company as they will expand through manufacturing, distribution, and retail thereby creating progressive community relations with the UAE customers. 

GMG also responded to the possibilities of setting up digital retail and e-commerce services throughout the Emirates as this will surely be the future of retail and trade. But this will never wipe out the physical retail stores anytime soon and Mr.Baker was too confident about the existence of the traditional retail stores for years to come. The company might be exploring the concept of “Phygital” space as the future of retail as this would blend smart solutions from both the physical and digital retail environments.            

Content writer and social science researcher with 5 plus years of experience in research. He has published academic and non-academic articles on several online platforms covering wide-ranging subjects. He is also a tech enthusiast, bibliophile, and an avid fan of video games.

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