Nakheel and Auchan sign agreement for the creation of a joint venture in the Gulf
Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers, has announced the creation of HyperCorp LLC - a joint venture company with the Auchan group, one of the world's largest food retailing groups.
- United Arab Emirates: Tuesday, July 08 - 2008 at 16:55
- PRESS RELEASE
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| Nakheel and Auchan sign agreement for the creation of a joint venture in the Gulf. |
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A division of Nakheel Retail, HyperCorp LLC aims to develop the Auchan banner across the Gulf with French company Auchan holding 10% of the capital. The new company plans to open a first wave of five hypermarkets located in Nakheel's developments across Dubai including Dragon Mart (before the end of 2008), Great Mall Dubai in International City, Palm Jumeirah, Jumeirah Village and Palm Deira.
Creating an even more diversified retail property division of Nakheel Retail, HyperCorp LLC will further substantiate the company's contribution to the betterment of the communities in which they are a part of, as well as additional stores outside of Nakheel developments.
Graham Dreverman, Group Managing Director of Nakheel Retail, said:
'We are extremely pleased to have signed a J.V. with the Auchan Group as we consider they have the best trading platform for our market and a successful track record in other emerging countries. We will open 15 hypermarkets and 40 supermarkets across the G.C.C. in the coming 10 years and will expand into other quality developer's projects as well as our own.'
Hypercorp LLC has appointed Jean Marie Teyssedre as Managing Director of the new business.
'I am delighted to be leading this exciting venture and to establish the partnership with Auchan. We will set new benchmarks for hypermarkets and supermarkets in the region as Auchan is a global leader in the retail industry,' said Jean Marie.
Christophe Dubrulle, chairman of the board of the Auchan Group, said:
'We are excited to enter into the Middle East market in partnership with Nakheel. This region offers great opportunities and we are looking forward to working with a company who share our values when it comes to providing the highest quality of service and positively impacting the daily lives of the people in our communities. We have proved in the past our know-how in developing our activity in various countries and regions and our capacity to provide to every consumer the most attractive offer available in terms of prices and choice, and we are confident in the success of this new challenge.'
Nakheel Retail's focus is to become the dominant player in Dubai's changing retail landscape, providing extraordinary vision and expertise during a period of remarkable change and growth.
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Notes and media contacts
About Nakheel :
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for living, business, and tourism.
Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai across a range of sectors - residential, commercial, retail, and leisure. Nakheel's developments spread across more than two billion sq ft of land, and its projects are projected to be worth US$60 billion. Upon completion Nakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.
Nakheel's portfolio currently includes The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Waterfront, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, Dragon Mart Complex, and Dubai Design Centre.
Nakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.
About Nakheel Retail:
Nakheel Retail is an integrated retail division within Nakheel, operating from four main platforms: Nakheel Retail Shopping Malls, Nakheel Retail Retailcorp, Nakheel Retail Food & Beverage and Nakheel Retail Hypermarkets
Nakheel Retail's focus is to become the dominant player in Dubai's changing retail landscape, providing extraordinary vision and expertise during a period of remarkable change and growth. Nakheel Retail will also capitalize on expansion opportunities in emerging markets across the region.
Through the development of landmark shopping centres, the representation of internationally acclaimed retail brands and the partnership with a world class hypermarket, Nakheel Retail is an integral part of the sustainable vision for Nakheel.
About the Auchan Group:
Created in 1961, the Auchan Group is the world's 13th largest food retailing group.
It operates in 12 countries through 1,141 stores as at 30 June 2008, and has a workforce of 186,000.
It is organised in 4 divisions:
- hypermarkets with 425 stores in 12 countries
- supermarkets with 716 integrated stores in 5 countries
- Banque Accord - banking activity (financial products and services, automated payment systems, management of customer relations) - present in 10 countries
- Immochan - real estate activity (promoter, developer, manager, investor ) - managing 268 shopping centres in 12 countries
It is an independent group held by Association familiale Mulliez (87%) and its employees (13%). Group revenue before tax in 2007 amounted to €36.7bn of which 52 % was generated in France. Investments totalled €1.7bn.
Auchan's project is to improve the purchasing power and the quality of life of the greatest number of customers, with responsible, professional, committed and respected employees. This is based on 3 values: trust, sharing and progress.
Discount prices, choice and offer diversity, adaptability with regard to local modes of consumption and the quality of service provided to customers are the guarantee of the ongoing loyalty of Auchan customers around the world.
For more information please contact:
Four Communications
+971 55 985 3375/3377
Nakheel
Gemma Mitchell, PR & Communications Executive
+971 4 368 6946 / +971 (0)50 553 8201
Auchan
François Cathalifaud, Press Officer
+ 33 1 58 65 08 10 / + 33 6 21 09 84 35
Rebecca Leach
Account executive - Four Communications
Four Communications Group
PO Box 502099, Office 420, Building 8
Dubai Media City, Dubai , UAE
T. +971 4 369 3728
F. +971 4362 5358
M. +971 55 985 3377
Posted by Siba Sami AmmariTuesday, July 08 - 2008 at 16:55 UAE local time (GMT+4)
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