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Monday, 31 July 2017

MAF on look out for acquisitions as first half earnings rise 4% - The National

MAF on look out for acquisitions as first half earnings rise 4% - The National:

"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates and operator of Carrefour stores throughout the Middle East, is on the hunt for acquisitions to help bolster its operations as the company posted a 4 per cent increase in first half year earnings. “Through both organic and inorganic growth, the company continues to pursue opportunistic acquisitions in line with its disciplined strategic and financial approach,” the company said in a July 31 statement. “It is actively assessing potential investment opportunities with a focus on digital capabilities, technology and e-commerce.” MAF has been on a buying spree, snapping up Retail Arabia’s Geant supermarket stores for an undisclosed sum and investing in Dubai-based consumer technology app Fetchr as part of a US$41 million funding round. It made an 11th hour bid for Souq.com but lost to Amazon, which bought the e-commerce company for more than $650m."



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