GMG acquires aswaaq from Investment Corporation of Dubai

GMG acquires aswaaq from Investment Corporation of Dubai

The acquisition adds 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network

Mohammad A. Baker, deputy chairman and CEO of GMG, and Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai, signing the agreement. — Supplied photo

Published: Mon 6 Feb 2023, 4:27 PM

GMG has announced 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.

This acquisition adds a total of 11 community malls and 22 supermarkets to GMG’s 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 to its rapidly expanding retail footprint.

Mohammad A. Baker, deputy chairman and CEO of GMG, said this acquisition marks a strategic milestone in our operations, as we not only expand our food retail portfolio but also add aswaaq’s companies operating in retail, trading, and properties.

"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’