The retailer Marka has acquired a majority stake in a Dubai-based company that provides children’s indoor play areas and entertainment for Dh30 million.
The company bought a 60 per cent stake in Cheeky Monkeys Playland and Sweet Surprises, which has a presence in Al Barsha, Mirdif, Jumeirah Beach Residence and J3 Mall on Al Wasl Road.
Marka said it would take the edutainment brand abroad, opening eight outlets in the Arabian Gulf by 2018.
“We are looking at acquisition targets across sports, fashion and hospitality,” said Khaled Almheiri, vice chairman at Marka. “We pursue a growth strategy focused on acquisitions, franchise agreements and unique retail concepts.”
It has launched four fashion brands in the UAE: Essentiel Antwerp at The Beach near Jumeirah Beach Residence, as well as Weill, Laurèl and Sonia by Sonia Rykiel at Yas Mall in Abu Dhabi.
In May it expects to open a casual dining restaurant with the Michelin-starred chef Heinz Beck, called Taste of Italy by Heinz Beck. In June, it expects to open a Uefa Champions League Experience concept store that will include casual dining at Yas Mall.
Cheeky Monkeys plans to open new destinations, undertake more events each year and increase services and facilities, according to the company.
Marka acquired Dubai World’s Retailcorp UAE in December from Istithmar for Dh220m. The deal gave Marka ownership of 15 sports shops in UAE malls and has the rights to sell brands such as Nike, Reebok and Puma.
The company went public in June at Dh1 a share, and reported a fourth quarter loss of Dh13.6m. It expects to achieve operational profitability by the end of the year, according to Mr Almheiri. Marka shares closed down 0.80 per cent at Dh1.24 in Dubai.
As the Russian tourist market shows no signs of recovery, and the weak euro makes Dubai an expensive destination, retailers in the emirate are expected to feel the heat.
“Performance of the retail market is expected to remain stagnant throughout this year, following estimates of a slowdown in retail sales growth figures,” according to first quarter report from the consultancy JLL.
The value of mergers and acquisitions in the Middle East this year are expected to reach levels similar to last year at US$50.3 billion, according to Thomson Reuters.
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
JOKE'S%20ON%20YOU
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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Specs%20
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