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RETAIL BOOST: Nakheel has set up a food retail joint venture to build new hypermarkets with French retailer Auchan Group. (Supplied)
Dubai government-owned Nakheel Properties said on Tuesday it has set up a food retail joint venture to build new hypermarkets with French retailer Auchan Group.
HyperCorp LCC, a division of Nakheel Retail in which Auchan holds a 10 percent stake, will open five hypermarkets in Nakheel's developments in Dubai before the end of this year, it said in a statement.
The firm plans to open 15 hypermarkets and 40 supermarkets across the Gulf Arab region in the next 10 years, Nakheel's Managing Director Graham Dreverman was quoted as saying in the statement.
The firm did not mention the capital of the firm nor when it would start operations. (Reuters)
