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Dubai’s Marka Buys Reem Al Bawadi Restaurant Chain For Dhs315m

Dubai’s Marka Buys Reem Al Bawadi Restaurant Chain For Dhs315m

The acquisition is being funded by a blend of the company’s own funds and bank facilities, Marka said.

Dubai-based Marka, the recently listed firm focussing on retail and hospitality, announced that it has acquired UAE-based restaurant chain Reem Al Bawadi for approximately Dhs315 million.

The acquisition is being funded by a mix of the company’s own funds and bank facilities, a statement said.

The move is anticipated to have an immediate impact on Marka’s bottom line financial performance.

The sale is one of the largest food and beverage acquisitions in the UAE relating to a home-grown hospitality brand, Marka added.

Launched in 2001, Reem Al Bawadi currently has outlets operating across the UAE, Saudi Arabia and Bahrain.

Khaled Almheiri, vice chairman and MD at Marka said, “Reem al Bawadi is a family friendly restaurant renowned for its authentic Middle Eastern cuisine and superb hospitality.

“It has become a landmark for Arabic food in the UAE and its recent expansion outside its home market into Saudi Arabia and Pakistan has proven the broad appeal of the brand.”

Marka has planned an expansion programme for Reem al Bawadi across the GCC, with new locations confirmed to open in 2015, including at least two new company owned outlets in the UAE and up to five new franchised outlets in the wider MENA region.

Ayman Abdel Jaber, CEO and founder of Reem Al Bawadi, will be joining Marka Hospitality in an advisory capacity, Almheiri confirmed.

Marka, which was created and listed in Dubai last year, said at the time that it plans to open more than 100 fashion stores, restaurants and cafes across the GCC region over the next five years.

In December last year, it acquired sporting goods firm Retailcorp from Dubai World’s investment unit Istithmar World for Dhs220 million.

The deal provided Marka with a network of 15 sporting goods outlets across the UAE, and company said it aims to expand the chain across the country and the region.

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