French retail giant Auchan has exited Dubai just two years after entering the emirate.

Auchan signed an agreement in 2008 with Dubai World to create a joint venture called Hypercorp. The retailer opened a 6,500sq m store a year later in the Dragon Mart shopping centre.

However, the firm said today (6 January) that due to “the changing economic environment”, the store will close.

Auchan said the developments will have no impact on its accounts