Official: Dubai’s Marka in talks to buy AED 400 mln retailers

11/11/2014 Argaam

Khaled Al-Muhairi, deputy chairman of Dubai-listed Marka, said his company (under formation) was in talks to acquire two retailers with a total value that exceeds AED 400 million.
 

The acquisitions will help the online retailer turn into profit in 2015, Al-Muhairi told Al-Bayhan newspaper.


Marka plans expansions in the sports segment of the retail and hospitality markets besides its mainstream business, banking on the continued growth of the retail market in the UAE, he added.


The company will rely on its internal resources for expansions.


Al-Muhairi said the new retailer seeks to open 20 new outlets in Abu Dhabi and Dubai, and that its total network should exceed a hundred outlets in the first three years after inception.


The company’s plans exceed the UAE market to the entire GCC, he said.

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