Majid Al Futtaim Retail, the supermarkets unit of the Dubai conglomerate, is aiming for 10 per cent year-on-year revenue growth in 2018, as it expands its Carrefour regional franchise and weighs acquisition opportunities in Saudi Arabia, its chief executive said.
The company plans to invest between Dh1.5 billion and Dh2bn in expanding Carrefour's store portfolio by 2021, with Saudi Arabia, Egypt, Pakistan and East Africa the key growth markets outside the UAE, Hani Weiss told The National.
“We continued to see a very robust performance in 2017 and are forecasting even higher, growth this year – far above 10 per cent.”
MAF Retail has around 250 Carrefour stores – in either supermarket or hypermarket format – across 14 markets in the Middle East and Africa and plans to double that figure within the next five years. It has the rights to operate in 38 markets.
It is a private company and does not disclose detailed financials.
MAF Retail has operated the Middle East Carrefour franchise since 1995 and Mr Weiss does not oversee its other segments, which include fashion and specialist retail (merchandise).
The supermarkets business – of which 70 per cent is food and 30 per cent is non-food – witnessed 8 per cent revenue growth for the full-year 2017, driven largely by MAF Retail’s acquisition of another supermarket franchise holder Retail Arabia last year. Under the deal, it acquired 26 Geant hypermarkets in the UAE, Bahrain and Kuwait and four GulfMart stores in Bahrain, and rebranded them to Carrefour.
_______________
Read more:
Majid Al Futtaim's first half revenue soars as expansion reaps benefits
Revealed: survey finds UAE's most budget-friendly supermarket
Takeover of Geant by Majid Al Futtaim is ‘good for UAE shoppers’
_______________
The company is scouting for a potential acquisition of a supermarket operator in Saudi Arabia, the Arabian Gulf’s largest market. No talks are ongoing yet but Mr Weiss hopes to sign a deal in 2019 or 2020.
It was reported last year that MAF Retail was eyeing a stake in the Lebanon operations of another UAE supermarket chain, Spinneys. Mr Weiss said no discussions are taking place at the moment and, “Spinneys is not for sale”. Spinneys’ products retail at a higher price point than Carrefour and MAF Retail does not wish to start tapping a broader demographic than it already does, he said.
Growth in 2018 and beyond will be driven by both digital and bricks-and-mortar expansions, Mr Weiss said. The UAE will have around 95 stores by the end of 2018, while Saudi Arabia will have around 70 stores by 2021 from 17 at present, and Kenya, with six stores at present, has another four in the pipeline. MAF Retail announced plans in February to open 100 stores in Egypt, and it plans to enter Uganda in 2019.
At the same time, MAF Retail has invested "hundreds of millions of dirhams" this year in improving Carrefour's digital operations. Investments include the establishment of a team of up to 150 data scientists to analyse customer data, a "Scan and Go" payment system using a mobile app, and the Carrefour UAE online delivery system, which promises one-hour delivery across the UAE by the end of 2018.
MAF Retail is also in talks with a “large European logistics provider” to develop a point-to-point distribution network for Carrefour in the Middle East, with a deal expected in the coming months, Mr Weiss said.
The company opened a 1.5 million square feet storage warehouse in Dubai’s Jebel Ali in June, and wants to open at least two more, in Saudi Arabia and Egypt. It wants to become a regional e-commerce giant for the hypermarket sector and reduce dependence on importing products to each of its markets directly from France. “We are actively seeking to automate the sourcing and delivery process for Carrefour in the next 2-3 years,” the chief executive said.
The introduction of VAT has had no impact on MAF Retail’s Carrefour business because it decided to offset the tax on around 400 of its items – amounting to 40 per cent of total stock. The company was able to do this by negotiating with its suppliers on increased bulk buying in line with store openings.
It would consider increasing the subsidy if there was a need in future, Mr Weiss added. This year, Carrefour launched a policy to refund customers the equivalent of 20 times a product’s cost in loyalty points if they found it cheaper somewhere else.
MAF Retail’s parent, Majid Al Futtaim Holding this week reported a 13 per cent year-on-year increase in revenues to Dh17.8bn in the first half of 2018.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.4-litre%20twin-turbo%20V8%20with%2048V%20mild%20hybrid%20system%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E544hp%20at%205%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%20at%201%2C800-5%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh700%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Elate%20November%3C%2Fp%3E%0A
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
'Falling%20for%20Christmas'
%3Cp%3EDirector%3A%20Janeen%20Damian%3Cbr%3E%3Cbr%3EStars%3A%20Lindsay%20Lohan%2C%20Chord%20Overstreet%2C%20Jack%20Wagner%2C%20Aliana%20Lohan%3Cbr%3E%3Cbr%3ERating%3A%201%2F5%3C%2Fp%3E%0A
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
