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.

We are proud and honored to announce that we acquired Aswaaq LLC from Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai. This acquisition comes with a purpose-driven objective to enhance our consumers’ well-being. #BornToWin pic.twitter.com/R2h7pn4qBP

— GMG (@GMGVoice) February 6, 2023

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.

Read: UAE’s GMG acquires Géant from Urban Foods by Dubai Holding

“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.

Read: GMG opens French retail brand Monoprix’s first store in the UAE

The conglomerate has more than 120 brands and has announced plans to double its global workforce by 2025.

Also read: UAE’s GMG aims to double workforce by 2025 with global strategy

Currently, it employs approximately 8,700 people across all verticals, with the workforce estimated to grow by around 10 per cent after the acquisition.

“We believe that Aswaaq and its employees will thrive and grow under the guidance of a diversified family-owned business with immense experience and a glowing track record in the retail sector,” added Khalifa Al Daboos, deputy CEO at Investment Corporation of Dubai.