GFH Capital announces partnership with Dubai conglomerate Al-Futtaim to complete the acquisition of The Entertainer
GFH Capital, a wholly owned subsidiary of Bahrain-based GFH Financial Group, on Saturday announced its partnership with Dubai conglomerate Al-Futtaim to complete the acquisition of The Entertainer, the lifestyle technology platform.
GFH Capital said in a statement that it has signed an investment agreement with Al-Futtaim and Al Zarooni Emirates Investments who have acquired a significant minority stake in the company alongside GFH.
Together, they intend to double the size of The Entertainer over the next three years.
Both will be playing a critical role in helping The Entertainer achieve its next phase of growth following the acquisition of the brand which is valued at $150 million.
The Entertainer, which was founded in 2001 in the UAE, has developed a strong merchant partner network in the GCC and many other countries globally.
Consumers on the platform in 15 countries across the Middle East, Europe, Asia and Africa enjoy offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres plus savings on hotel nights around the world.
Sheikh Ahmed Bin Khalifa Al-Khalifa, chairman of GFH-Capital, said: “We are delighted to invest in the high-growth technology sector in the region; partnering with recognized names such as Al-Futtaim.
"The Entertainer has so far firmly cemented its position as a market leader and with the support of GFH and our investors, we expect to accelerate plans to capture the vast potential that exists for the company both within the region and globally to double the size of the company over the next three years.”
Marwan Shehadeh, group director, Corporate Development, Al-Futtaim, added: “We see great potential in both the technology and lifestyle sectors. The Entertainer is already a market leader in the Middle East and we are confident that Al-Futtaim’s strong international reach can add value to the Company’s efforts to further build its customer and merchant networks throughout the Middle East and Asia, where we have long established relationships and exposure to the world’s leading lifestyle brands.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.