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Majid Al Futtaim to buy Spinneys supermarket chain

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November 12
7:10 AM 2013

Majid Al Futtaim Holding LLC said it is close to aquiring Jordan-based supermarket chain Spinneys. Majid Al Futtaim was also no longer interested in buying Spinneys' other assets outside the United Arab Emirates, said Reuters in a report.

Majid Al Futtaim engages in establishing, investing, and managing various commercial assets, according to a profile compiled by Bloomberg. These includes shopping malls, hotels, hypermarkets, supermarkets, fashion retailing, and leisure and entertainment facilities.

Majid Al Futtaim operates in 12 countries across the Middle East and North Africa.

Earlier this year, Majid Al Futtaim looked into buying Abraaj Group's stake in the Spinneys franchise outside UAE, Reuters said. Abraaj Group is a private equity firm headquartered in Dubai.

The Majid Al Futtaim bought French retailer Carrefour's minority stake in Majid Al Futtaim Hypermarkets LLC for EUR530 million (USD681 million).

Acquisitions made by Majid Al Futtaim was aimed at expanding across the Middle East, maximizing the mounting income of the region's growing population, the report said.  

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