Al Fut­taim, Gt­bank key firms to watch

RE­PORTS An­a­lyst lists the two among 12 global firms that will lever­age on strong growth to ex­pand

Business Daily (Kenya) - - CORPORATE NEWS - Con­stant Munda­tion­

Dubai-based shop­ping con­glom­er­ate Ma­jid Al Fut­taim and Nige­ria’s Gt­bank, which have strong pres­ence in Nairobi, have emerged as top multi­na­tion­als which will rule in­vest­ments in de­vel­op­ing mar­kets in the next four years. The Econ­o­mist In­tel­li­gence Unit (The EIU), the re­search and anal­y­sis arm of the Econ­o­mist Group, lists the two among 12 global firms which will lever­age on strong growth in trade in de­vel­op­ing mar­kets to spread their wings. EIU says Ma­jid Al Fut­taim, the fran­chise holder for Fren­chowned re­tailer Car­refour, is the firm to watch in the re­tail sec­tor in the Mid­dle East, North Africa and sub-sa­ha­ran Africa with a key fo­cus on Kenya and Egypt. The growth-hun­gry con­glom­er­ate has made clear its ag­gres­sive ex­pan­sion drive in Kenya, tak­ing up spa­ces pre­vi­ously oc­cu­pied by cash-strapped Uchumi and Naku­matt at prime lo­ca­tions in Vil­lage Mar­ket, Sarit Cen­tre, the Junc­tion, Gal­le­ria and Thika

(Ma­jid Al Fut­taim is) armed with an ex­clu­sive li­cence to op­er­ate Car­refour stores in 38 coun­tries,” THE ECON­O­MIST IN­TEL­LI­GENCE UNIT | RE­PORT

Road Mall. Since open­ing its first store at the Hub in up­mar­ket Nairobi’s Karen in May 2016, Car­refour —ranked the world’s se­cond-largest su­per­mar­ket chain af­ter Amer­ica’s Wal-mart Stores — has grown its net­work to six strate­gi­cally-lo­cated out­lets. The gi­ant French re­tailer has also shown in­ter­est in mov­ing into the Naku­matt Mega space — along Uhuru High­way — when the strug­gling re­tailer’s lease ex­pires this month. “Armed with an ex­clu­sive li­cence to op­er­ate Car­refour stores in 38 coun­tries and a sturdy cash flow from its do­mes­tic ac­tiv­i­ties, it has plenty of room to grow fur­ther,” EIU says in the re­port ti­tled Go­ing Global: 12 Com­pa­nies to Watch in De­vel­op­ing Mar­kets. “It has been spread­ing roots in neigh­bour­ing coun­tries such as Kenya and Egypt, with plans to launch 100 Car­refour stores in the lat­ter.” The only other firm in the elite list which has a pres­ence in Kenya is Gt­bank, whose lo­cal sub­sidiary was ranked the 20th largest lender by mar­ket share in 2017 by the Cen­tral Bank of Kenya.


GROWTH Ma­jid Al Fut­taim is the fran­chise holder for French-owned re­tailer Car­refour.

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