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Al Islami inks Mo'men franchise deal
Following the signing of a master franchisee agreement with the Mo'men Group, an Egypt based fast food firm, UAE-based Al Islami Foods has announced the opening of the first Mo'men restaurant in the UAE. With an initial investment of Dhs50m over 20 years into the Mo'men UAE franchise, Al Islami Foods plans to open 20 Mo'men outlets across the country in the next three years.
National Prawn Co to open Dubai sales office
Saudi Arabia-based National Prawn Company has announced plans to open a regional sales office in Dubai. The company has also said it will be establishing a cold store in Dubai soon, which will enable it to expand its fresh and frozen prawn products offerings to local customers who can buy products in smaller loads such as pallets or cartons. The group is expanding its farming operations with a $250m investment into Phase II.
Damas closes Italian jewellery unit
Shareholders of Dubai-based retailer Damas International have decided to shut down the group's Italian unit, Ms/DIT Group, (formerly Stefan Hafner), in order to prevent further losses, Reuters has reported. The Italian business had recorded a loss of €4.2m in its audited balance sheet of December 2008, the firm said. Damas had taken over Stefan Hafner in 2004 and held an 87% stake.
Damas CEO resigns over $165m in unauthorized deals
Dubai-based jewelry retailer Damas International has released a statement saying it has accepted the resignation of Tawhid Mohammed Taher Abdulla as its CEO and managing director after he disclosed alleged 'unauthorized transactions'. Damas said Abdulla had told the board about 'what is understood to be unauthorized transactions conducted by him. The full extent of these transactions has not been ascertained at this time but the company's initial estimate is that these transactions could amount to approximately $165m'. Damas, which on Sunday requested that Nasdaq Dubai suspend trading in its shares, added that it has 'adequate funds to meet its current financial obligations and is continuing to conduct business as usual'.
Louis Vuitton opens Dubai Mall store
Louis Vuitton has opened its first global store in the world's largest shopping centre, Dubai Mall, , Bloomberg has reported. The company has opened three stores in Dubai since 1997, and plans to double the size of its outlet in the city's Mall of the Emirates, Yves Carcelle, the brand's CEO said.
Americana opens Kuwait restaurant
Americana food stuff group has officially opened its latest international addition in Kuwait, Signor Sassi, Al-Watan Daily has reported. Under an agreement the company had signed with Italian San Carlo international group, Americana plans to open a chain of Signor Sassi restaurants around the Middle East.
Mall of the Emirates expansion moves ahead
The Mall of the Emirates has announced it is expanding its retail space with the new 10,500 square metres extension. A second glass dome is under construction above the mall's extension area, designed by F+A Architects and detailed by Holfords. The new space will accommodate 40 more stores, and will cover three levels, plus a central fountain feature.
Savola to buy Geant assets in Saudi
Saudi Arabia's Competition Protection Council has granted its approval to the kingdom's second-largest food producer, Savola Al Azizia United Co., to buy assets of Casino Guichard-Perrachon's Geant superstores in the kingdom, Bloomberg has reported. Savola will buy the assets from Fawaz Abdulaziz Alhokair and Co. after they had signed a preliminary agreement in July, the company said.
Opening of Mall of Arabia delayed
The opening of the Mall of Arabia in Dubailand, has been pushed back until 2012, the National has reported. The first section of the mall, was scheduled to open at the end of 2010 but was delayed to wait for the ramps, junctions and overpasses leading to be completed, said Myra Searle, the senior vice president of retail at City of Arabia. The Mall of Arabia will be bigger than Dubai Mall when complete.
Yellow Chilli to open in Bahrain
Bahrain-based SunCity Ventures has signed a franchisee agreement with Indian chef Sanjeev Kapoor to open The Yellow Chilli outlet in the kingdom. The new restaurant is part of The Yellow Chilli's expansion into the Middle East, Kapoor said.
MAF Properties plans Iran mall
Dubai-based Majid Al Futtaim Properties plans to launch a mega-mall project in Iran by 2012 after its latest retail project in the country's capital proved successful, Reuters has reported. 'It's a big city affluence and not a lot of choice in terms of where to spend money on retail and entertainment,' the group's chief executive, Peter Walichnowski said. 'Many Iranians come to Dubai for a holiday and they want to see a Mall of the Emirates there,' he added.
Jumbo inks Gorenje deal
Dubai-based Jumbo Electronics has signed a contract with Slovenia-based Gorenje, a manufacturer of household appliances, for exclusive distribution rights of Gorenje's products in the UAE and Oman. All Gorenje product categories, including cookers, fridges, freezers, ovens, hobs & hoods, washing machines and tumble dryers, are to become available in Jumbo stores and other retail outlets across the Jumbo distribution network, the group said in a statement.
New H and M to open in Kuwait
International clothing retailer H and M has announced it will open its 7th store in Kuwait on October 31. H&M currently has 34 stores in the Middle East, 7 in Kuwait, 10 in UAE, 9 in KSA, 3 in Bahrain, 2 in Qatar, 2 in Egypt and 1 in Oman.
Jordan's Taj Mall inks deal with Spinneys
Jordan-based Al Tajamouat for Touristic Projects Company has signed an agreement for the opening of Spinneys at Taj Mall in the capital, Amman. Spinneys will be operating a 5,000 square metres store that will serve as teh mall's major supermarket acnhor, the firm has said.
Citizen opens UAE showroom
Citizen Watch Co has opened its first dedicated showroom in the UAE at Lamcy Plaza in Dubai. The company marked the opening with the Middle East launch of its Global Radio Controlled model (Calibre H610), which is based on its Eco-Drive technology. The Eco Drive Global Radio Controlled watch is Citizen's first analogue chronograph watch capable of receiving standard time by using radio waves from multiple stations.
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