FINANCIAL NEWS

UAE’s MAF plans to introduce Carrefour into Central Asia

06 Jun 2012

(MENAFN) UAE developer Majid Al Futtaim Holding (MAF) plans to introduce French retail brand Carrefour into Kazakhstan, Azerbaijan, Georgia and Armenia, Arabian Business reported.

The regional franchise holder of the brand also plans to open up to ten hypermarkets and 15 supermarkets by the end of the year.

CEO Iyad Malas said that MAF will open its first store in Georgia, the former soviet member nation, this year, adding that the company already opened its first Carrefour in Iraq in January 2012.

As part of the expansion of its retail portfolio, the developer is also looking for new partners and opportunities for fashion brands.

MAF Holding is also looking at a food and beverage offering, given the high penetration of US fast food brands in the region, Malas said.

Peter Walichnowski, head of subsidiary MAF Properties, unveiled plans to open further eleven malls as part of its expansion, focusing on smaller sized malls.

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