Retail conglomerate drops interest in acquiring all of supermarket chain's assets outside the UAE
Dubai retail conglomerate Majid Al Futtaim (MAF) Holding is close to a deal to acquire the Jordanian branch of supermarket chain Spinneys, its CEO said.
MAF had previously been interested in buying all of Beirut-based Spinneys assets outside of the UAE, where it is run under franchise, but this is no longer the case, Iyad Malas told Bloomberg.
“It’s what makes more sense to us strategically,” Malas told the news service. “We’re pursuing Spinneys Jordan and not any other country.”
Founded in Egypt in 1920s, Spinneys was acquired by Dubai private equity firm Abraaj Group in 2004. It currently has outlets in Egypt, Jordan, Lebanon and Qatar, while CEO Michael Wright has previously outlined plans for expansion into the Gulf and further into North Africa. Spinneys currently has two branches in the Jordanian capital Amman.
Spinneys parent Abraaj declined to comment when contacted by Arabian Business for clarification on the matter.
MAF, which also operates Dubai’s Mall of the Emirates, earlier this year acquired French supermarket chain Carrefour’s minority stake in MAF Hypermarkets for $681m.