Nakheel and Auchan sign agreement for the creation of a joint venture in the Gulf
Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, and the Auchan group, the world’s 13th largest food retailing group, have announced the signature of an agreement for the creation of a joint venture.
The joint venture between Nakheel Retail and Auchan will give birth to a new company, HyperCorp LLC that will operate across the Gulf. Creating an even more diversified and long term growth model through the retail property division of Nakheel Retail, HyperCorp LLC will further substantiate Nakheel Retail’s contribution to the betterment of the communities in which they are a part of, including additional stores outside of Nakheel’s own developments.
HyperCorp LLC aims to develop the Auchan banner across the Gulf with Auchan holding 10% of the capital. The company plans to open a first wave of five hypermarkets located in five of Nakheel’s developments across Dubai including Dragon Mart (before the end of 2008), Great Mall Dubai in International City, Palm Jumeira, Jumeira Village and Palm Deira.
Graham Dreverman, Group Managing Director of Nakheel Retail said: “We are extremely pleased to have signed a J.V. with the Auchan Group as we consider
they have the best trading platform for our market and a successful track record in other emerging countries. We will open 15 hypermarkets and 40 supermarkets across the G.C.C. in the coming 10 years and will expand in to other quality developer’s projects as well as our own.”
Nakheel Hypercorp has appointed Jean Marie Teyssedre as Managing Director of the new business. “I am delighted to be leading this exciting venture and to establish the partnership with Auchan. We will set new benchmarks for hypermarkets and supermarkets in the region as Auchan is a global leader in the retail industry.”said Jean Marie.
Christophe Dubrulle, chairman of the board of the Auchan Group, said: “We are excited to enter in to the Middle East market in partnership with Nakheel. This
region offers great opportunities and we are looking forward to working with a company who share our values when it comes to providing the highest quality of service at discount price. We have proved in the past our know-how in developing our activity in various countries and regions and our capacity to provide to every consumer the most attractive offer available in terms of prices and choice, and we are confident in the success of this new challenge.”
Nakheel Retail’s focus is to become the dominant player in Dubai’s changing retail landscape, providing extraordinary vision and expertise during a period of remarkable change and growth.