Emirati holding, Uzbek-Oman investment company to develop modern retail trade in Uzbekistan

Business Materials 8 January 2021 10:54 (UTC +04:00)
Emirati holding, Uzbek-Oman investment company to develop modern retail trade in Uzbekistan

BAKU, Azerbaijan, Jan. 8

By Klavdiya Romakayeva - Trend:

Majid Al Futtaim Emirati holding and Uzbek-Oman Investment Company (UOIC) will combine their capabilities and experience to develop modern retail trade in Uzbekistan, creating value for the industry and the economy of the country, Trend reports citing press service of Carrefour.

Majid Al Futtaim has signed a landmark partnership with UOIC, the largest private equity fund in Uzbekistan.

Marking the dynamic start of the partnership, Majid Al Futtaim is to open two new Carrefour hypermarkets in Tashkent. The stores are scheduled to open in March-April this year. The stores will be located in the largest shopping and entertainment centers Samarqand Darvoza and Compass, owned by UOIC.

“With the opening of the first store in December 2020, Carrefour began expanding in the Uzbek market, which is a guarantee that the brand will become a trusted partner of the Uzbek community,” the message says.

“The launch of hypermarkets in the largest shopping malls in the capital underscores our commitment to meeting the growing demand for modern retail in Uzbekistan, as well as meeting the growing needs of customers,” general manager of Carrefour Uzbekistan at Majid Al Futtaim Retail Gyu Taeg Kim said.

In turn, Investment Director at UOIC Salim Al Mamari said that the strategic partnership with Majid Al Futtaim demonstrates company's commitment to the philosophy of building partnerships with investors to develop their business, accelerating the development of the Uzbek economy.

Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. Majid Al Futtaim owns and operates 25 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The company is the exclusive franchisee for Carrefour in 37 markets across the Middle East, Africa and Asia, and operates a portfolio of more than 270 outlets in 15 countries.

Carrefour was launched in 1995 in the region by the UAE-based Majid Al Futtaim, which is an exclusive franchise to operate with Carrefour in more than 30 countries in the Middle East, Africa and Asia and fully owns operations in the region. Today, Majid Al Futtaim operates over 320 Carrefour stores in 16 countries, serving over 750,000 customers daily and employing over 37,000 employees.


Follow the author on Twitter: @romakayeva