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Patchi plans stock listing
Lebanon-based chocolate chain Patchi is planning stock listings in Dubai and London to help fund its global expansion, the Financial Times has reported. The company is also considering opening cafés internationally that would sell chocolate, coffee and snacks. The cafés would be 'like ¬Starbucks, but at a higher level', Mazin Obeidi, Patchi's executive general manager has said. The group has hired financial advisers for a primary listing in Dubai and a secondary listing in London. Up to 49% of the company would be floated, according to the report. Patchi, which had generated $165m in sales last year, has 135 shops globally.
Doha Sooq in Nokia partner tie-in
Doha Sooq, the online market of Doha Bank, has signed up with Consolidated Gulf Co. (CGC), to offer Nokia products and services in Qatar. 'Doha Sooq is part of our continuous efforts to provide freedom of shopping to the people of Qatar. It's like walking into a real Nokia showroom and owning a mobile phone within minutes,' a CGC spokesman has said.
Report: Isithmar considers Barneys options
Istithmar World Capital, owner of luxury chain Barneys, has hired advisory firm Perella Weinberg Partners to help it come up with options to shore up its financial position, according to a Reuters report. It cites an unnamed source as saying options could include restructuring Barneys' debt. Istithmar, an arm of the Dubai government, bought Barneys for $942m in 2007 but had to throw a financial lifeline to the chain in April, so that can pay for its shipments for the rest of the year.
Nokia Care opens centres in UAE
Nokia has opened four specialized Nokia Care centres across the UAE to reflect its strategy of getting closer to its consumers and providing them with after-sale services exclusive to Nokia consumers. The first four Care Centers to open are located in Sheikh Zayed Road and Bur Dubai in Dubai, at Rolla in Sharjah and Hazaa Bin Zayed Street in Abu Dhabi, with more locations to be rolled out.
H and M opens new Saudi store
Global apparel brand H&M is set to open its store today in Granada Centre, in Riyadh. The 2500sqm family store will open its largest store in KSA, located on the ground floor of the mall. This store will be the 9th store to open in KSA in partnership with M.H. Alshaya.
Perfumer Ajmal outlines expansion plans
Dubai-based perfume firm Ajmal has said it plans to expand both organically and via acquisitions into Western markets over the next two years. Overall, it intends open an additional 80 stores on top of its existing portfolio of 120 Gulf retail outlets within five years, Reuters has reported. The 58-year old business will delay opening its first European store in London - originally due this year - until Christmas 2010, due to the economic downturn, Deputy General Manager Abdulla Ajmal said. The UAE is the company's largest market, followed by Saudi Arabia. But the company expects its Saudi business to be twice the size of its UAE market over the next decade.
Saudis spending in shops
Riyadh-based Samba Financial Group has said that the value of point-of-sale transactions in Saudi Arabia fell 12% in June from a year earlier, hurting the country's retail businesses. "There will be material consequences for businesses operating in a range of sectors, such as wholesale and retail trade, autos, gold and jewellery, and household goods and electronics," economist Howard Handy told Bloomberg. "Banks' reluctance to extend, or even roll over, credit lines should be considered against this background," he said.
Dubai gold retail sales plummet
Dubai gold traders have said that gold jewellery sales volumes dropped around 40% in the emirate during July compared to sales figures a year ago. The economic downturn, reduction in tourist numbers and rising gold price were blamed. "I don't see the situation improving much because the month of Ramadan is coming up soon and all people are thinking about is food, not gold," Muhan Al Awadi, a sales manager at Al Ansari Jewellery in Dubai's Gold and Diamond Park told Reuters. Sales at his shop fell by half in July, he added.
Sharjah cracks down on counterfeit goods
Inspectors of the Sharjah Economic Development Department (SEDD) have seized, confiscated and destroyed approximately 40,000 counterfeit goods so far this year, as part of a crackdown on retailers selling fake products. Items seized included compact discs, films, computers, plastic products, mobile phones and accessories, perfumes, car batteries and items of men's clothing. According to the UAE's Commercial Fraud Law, anyone convicted case of fraud is punishable by a maximum sentence of up to three years' detention, or a fine of up to Dh20,000.
Carrefour and Lulu caught selling out-of-date meat
The meat counters at branches of two of the UAE's biggest supermarket chains were both shut during June after they were caught selling out-of-date produce. Both Lulu Hypermarket and Carrefour had their meat counters closed at Abu Dhabi branches, in Al Wahda Mall and Marina Mall respectively, for serious breaches in food health and hygiene. The Abu Dhabi Food Control Authority said the violations posed a risk to the health of consumers, with some constituting as "trade fraud".
Abu Dhabi gold sales up in July
Abu Dhabi gold traders have said that holiday purchases and stable prices had helped gold retailers in the emirate maintain sales growth in July, but the market will slow in August as the summer holiday season begins, Reuters has reported. Retail gold sales jumped over 30% in June and the price of 22 carat gold had averaged Dhs105 ($28.59) a gram in that month.
Al Safar inks 50-unit franchise
Bahrain-based Al Safar Group Holding and US-based EZ Take Out Burger have signed a 50-unit, 10-year franchise development agreement for the Middle East. Al Sadar Groups, which has recently expanded its interests to foodservice and family entertainment, also serves as the exclusive developer in the Middle East for Rainforest Café.
Office Depot to enter Kuwait market
M. H. Alshaya Co. has announced that Office Depot, will launch its flagship shop for office supplies in the region at Kuwait's The Avenues Mall. The 900-square-metre store will offer around 5,000 high quality products and services to businesses as well as private costumers. Office Depot products include general office supplies, computer supplies, business machines and related supplies, and office furniture from international brands as well as their own private brands, which include Office Depot, Foray, Ativa and Real Space. The stores also contain a Copy, Print and Ship Centre offering copy services, printing, reproduction, mailing, shipping, and other services. The opening comes as the first step in a series of store launches in Kuwait and the region, the company has said.
Dubai urges advisories on takeaway food
Dubai Municipality is planning to encourage all restaurants in the emirate to issue advisories to consumers on safe handling of takeaway food, Khaleej Times has reported. The decision follows an initiative by a south Indian restaurant group that attaches red stickers to its takeaway bags reminding buyers to consume the takeaway food within two hours of purchase. All food outlets operating in the emirate will be provided with modified instructions for customers that will include the temperature at which food items have to be stored and the duration within which they have to be consumed, depending on the types of ingredients, a municipality official said.
Asmak posts Q2 loss
International Fish Farming Holding, a UAE-based food company known as Asmak, posted a second-quarter 2009 loss - compared with a Q2 08 profit - because of expenses related to new projects. The Q2 loss was Dhs2.55m, compared with a profit of dhs1.63m a year earlier, the Ajman based company said in a statement. New project-related expenses were Dhs2.2m. (Mac Capital Advisors)
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