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FINANCIAL NEWS
Alfuttaim to sign USD86 million deal in Kenya
11 Sep 2013
(MENAFN) Al Futtaim Group, based in Dubai, is looking forward to the first deal in sub-Saharan Africa to take full control of CMC Holdings, a Nairobi-listed car retailer,for USD86 million, The Peninsula reported.
Al Futtaim offer is considered as one of the biggest inflows of foreign investment in Kenya’s economy for this year.
Marwan Shehadeh, group director at Al Futtaim said that the offer will help CMC to grow. The offer will be the first step to expand around Africa, he added.
Gulf Arab companies, drawn by the continent’s untouched resources, are supporting their investments in Africa.
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