GMG acquires aswaaq LLC from Investment Corporation of Dubai

February 06, 2023

The acquisition adds 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network

UAE, February 06, 2023: GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors, has announced the acquisition of aswaaq LLC from Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai, including its companies operating in retail, trading, and properties. 

This acquisition adds a total of 11 community malls and 22 supermarkets to GMG’s rapidly expanding retail network, positioning the group as one of the largest operators of community malls in the UAE. In April 2022, GMG acquired Géant operations in the UAE from Urban Foods by Dubai Holding, adding 18 hypermarket and supermarket outlets to its rapidly expanding retail footprint. 

Mohammad A. Baker, Deputy Chairman and CEO of GMG, said: “This acquisition marks a strategic milestone in our operations, as we not only expand our food retail portfolio but also add aswaaq’s companies operating in retail, trading, and properties. Our acquisitions and expansions come with a purpose-driven objective - to contribute to the UAE government’s National Food Security Strategy and enhance and add value to our consumers’ well-being. We want to cover the entire consumer journey from creating concepts and brands to retailing our home-grown and international partners’ brands, brought together with an overarching commitment to improving people’s lives through active living, nutritious food, and good health.”

"We ventured into food retail last year as we want to cover the entire food consumption chain from farm-to-fork. By bringing aswaaq under the GMG portfolio, we are getting even closer to our communities. Through a wide range of supermarkets and community malls, we will continue enhancing convenience and improving our customers’ lifestyle choices.  We aim to take the concept of community malls to greater heights by nurturing the surrounding communities, regularly engaging with them, and creating opportunities for the local communities to thrive. aswaaq’s customer loyalty program, wafa, was designed to bring better value to the customers, and as such, it will remain an imperative platform for us to serve the national communities better,” added Baker.

Khalifa Al Daboos, Deputy CEO, Investment Corporation of Dubai, said: “We, at ICD, are very proud of all that has been achieved at aswaaq in the last 12 years. We believe that aswaaq and its employees will thrive and grow under the guidance of a diversified family-owned business with immense experience and a glowing track record in the retail sector, where aswaaq will play the leading role in GMG’s push to become the main player in UAE food retail." 

Currently, GMG’s Consumer Goods division manages Franprix, Monoprix, and Géant brands. To date, GMG has introduced over 120 brands and has announced plans to double its global workforce by 2025.  Currently, GMG employs approximately 8,700 people across all its verticals, with its workforce estimated to grow by around 10% after the acquisition.

GMG's evolving retail strategy comes amid a rapid expansion of the UAE's consumer retail market. The segment is anticipated to grow at nearly 6% in the next five years and touch US$37.70 billion by 2027 because of the rising per capita income, a booming tourism sector, a growing number of expatriates, and new commercial projects, including malls.  

About GMG GMG is a global well-being company whose vision is to inspire people to win in ways that improve the world. GMG retails, distributes, and manufactures a portfolio of leading international and homegrown brands across sport, food, and health sectors with investments spanning four key verticals: GMG Sports, GMG Food, GMG Consumer Goods, and GMG Health and Beauty.

With the acquisition of the Géant supermarket chain in the UAE and expansion rights to the Géant, Monoprix, and Franprix brands in the Middle East, GMG is now a leading player in the food retail industry.

Under the ownership and management of the Baker family, it has become a leading global company affiliated with the world's most successful and respected brands in the well-being sector.

Working across the Middle East, North Africa, and Asia, GMG has introduced more than 120 brands into its markets. These include notable homegrown brands such as Sun & Sand Sports, Dropkick, Supercare Pharmacy, Farm Fresh, Klassic, and international brands like Nike, Columbia, Under Armour, Timberland, Vans, Mama Sita's, and McCain.

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About aswaaq

aswaaq is a local brand and recognized as one of the trusted retailers in UAE. In compliance with the international standards, aswaaq manages and operates supermarkets and retail community malls located at the heart of residential communities, in addition to, a variety of value added services.

aswaaq supermarkets are set apart by the vibrant colours and the flair of an authentic traditional street market. It gives the customer a sense of place and a sense of belonging; somewhere to call their own and a place closer to home. Over and above, HACCP & ISO certifications and standards ensure the quality of products & services made available and offered to the customers. 

aswaaq boasts with a neighborhood that combines the spirit of a bazaar and the feeling of an outdoor market located at the heart of communities.  Each community mall is complemented with a tailor-made assortment of retail shops to meet the different needs and demands of the surrounding communities such as pharmacies, beauty saloons, stationaries, restaurants banks and others.

aswaaq is created for the modern world with a fresh, strong and easily recognizable brand identity. the brand’s visual identity and story reflects diversified culture of the UAE Community. It is a brand of quality and convenience closer to the communities.

aswaaq is a place that embraces all the values of an authentic market place; it is a place where people will know you, a place where people will listen to you; a place where people will understand your needs and wants.

Let’s all speak aswaaq, a language that breaks all the barriers of communications and bring everyone under one umbrella.