UAE’s GMG acquires Aswaaq to expand retail footprint

UAE’s GMG acquires Aswaaq to expand retail footprint

UAE retailer and distributer GMG has announced the acquisition of Aswaaq LLC to expand its retail presence. GMG acquired the entity, including its companies operating in retail, trading and properties, from Investment Corporation of Dubai, the emirate’s sovereign wealth fund. The acquisition adds a total of 11 community malls and 22 supermarkets to GMG’s retail network. This follows GMG’s acquisition of Géant operations in the UAE from Urban Foods by Dubai Holding in April 2022, a deal which added 18 hypermarket and supermarket outlets to its portfolio. “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,” said Mohammad A. Baker, deputy chairman and CEO of GMG. “We aim to take the concept of community malls to greater heights by nurturing the surrounding communities, regularly engaging with them, and creating opportunities for the local communities to thrive. Aswaaq’s customer loyalty program, wafa, was designed to bring better value to the customers, and as such, it will remain an imperative platform for us to serve the national communities better.” GMG’s consumer goods division currently manages the Franprix, Monoprix, and Géant brands. The