Dubai-based retail and hospitality group Majid Al Futtaim is looking to buy a stake in Middle East grocer Spinneys. Majid Al Futtaim, which runs stores for Western retailers including Carrefour and Spar International in the region, is mulling buying into the Spinneys business outside the United Arab Emirates. Spinneys, based in Lebanon, has stores in Egypt, Jordan, Lebanon and Qatar, as well as in the UAE. Iyad Malas, Majid Al Futtaim’s CEO, told Dubai-based website Al Bawaba the company was “in the early stages” of buying the majority stake in Spinneys owned by private-equity fund Abraaj Group. A spokesperson for Majid Al Futtaim today (28 May) confirmed Majid Al Futtaim’s interest but refused to be drawn on whether talks were taking place. The Al Bawaba site quoted Abraaj partner Ahmed Badreldin as saying the fund was looking to sell its interest in Spinneys, which it acquired in 2004. “It’s a matter of finding the right buyer profile and the right timing,” Badreldin told the website. Last week, Majid Al Futtaim took full ownership of its regional venture with Carrefour. The French retail giant sold its 25% stake in the venture for EUR530m. Set up in 1995, the venture runs 94 Carrefour stores in the Middle East, north Africa and central Asia.
Go deeper with GlobalData
