Retail group Auchan and Dubai real estate developers Nakheel have signed an agreement to create a joint venture.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The agreement will create a new company, HyperCorp, that will operate across the Gulf.
In a statement, the companies said that HyperCorp aims to develop the Auchan banner across the Gulf with Auchan holding 10% of the capital. The company plans to open a first wave of five hypermarkets located in five of Nakheel’s developments across Dubai including Dragon Mart before the end of the year, Great Mall Dubai in International City, Palm Jumeira, Jumeira Village and Palm Deira.
Graham Dreverman, group managing director of Nakheel Retail said: “We are extremely pleased to have signed a JV 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 GCC in the coming ten years and will expand in to other quality developer’s projects as well as our own.”
Nakheel Hypercorp has appointed Jean Marie Teyssedre as managing director of the new company.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We are excited to enter in to the Middle East market in partnership with Nakheel,” said Christophe Dubrulle, chairman of the board of the Auchan Group. “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.”
