The retail arm of Majid Al Futtaim has opened its first Carrefour hypermarket in Kazakhstan as part of an AED52 million ($14.2 million) expansion programme in the Central Asian state.
Majid Al Futtaim Retail said the 8,200 square foot hypermarket, located in Almaty, follows Carrefour locations already set up by the firm in Georgia and Armenia.
The Dubai company has rights to the Carrefour franchise in 38 markets across the Middle East, Central Asia, Africa and Russia. It now has 70 hypermarkets and 90 supermarkets in 14 countries across those regions.
As part of Majid Al Futtaim’s expansion in Kazakhstan, another hypermarket will be built in Almaty, with another located in the capital, Astana.
Earlier this month, the company also said it would invest 14 billion riyals ($3.7 billion) building two malls in Saudi Arabia's capital Riyadh.
The 300,000-square metre Mall of Saudi, which privately-held Majid Al Futtaim said would be the kingdom's largest, will include shops, restaurants, entertainment, offices, hotels and residential units, plus Saudi's first indoor ski slope.
The plans mark a major retail expansion into Saudi Arabia, despite reduced expectations for economic growth in the world's top oil exporter due to a prolonged oil price slump.
In January, Majid Al Futtaim said its revenue grew by 8 percent to AED27.3 billion ($7.43 billion) during 2015.
The company said in a statement that group EBITDA increased by 6 percent compared to the previous year, reaching AED3.8 billion.For all the latest retail 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.
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