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- Dubai 04:33 05:50 12:21 15:48 18:46 20:03
Dubai-listed Marka, which is focused on retail and hospitality sector in the UAE, has acquired restaurant chain Reem Al Bawadi for approximately Dh315 million. (File)
Dubai-listed Marka, which is focused on retail and hospitality sector in the UAE, has acquired restaurant chain Reem Al Bawadi for approximately Dh315 million.
The acquisition is being funded by a blend of the company’s own funds and bank facilities and is anticipated to have an immediate impact on Marka’s bottom line financial performance.
The sale is one of the largest food and beverage acquisitions in the UAE relating to a home-grown hospitality brand.
Marka plans to embark upon an ambitious expansion programme for Reem al Bawadi across the GCC, with new locations confirmed to open in 2015, including at least two new company owned outlets in the UAE and up to five new franchised outlets in the wider Middle East and North Africa region.
Khaled Almheiri, Vice Chairman and Managing Director at Marka said over the last decade, Reem al Bawadi has become a landmark for Arabic food in the UAE and its recent expansion outside its home market into Saudi Arabia and Pakistan has proven the broad appeal of the brand.
Almheiri further confirmed that Ayman Abdel Jaber, CEO and Founder of Reem Al Bawadi, will be joining Marka Hospitality in an advisory capacity.
Marka shares closed unchanged at Dh1.22 on Thursday.
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