The Finance World Magazine| Edition: March 2023

Merger and Acquisition News
GMG Acquires
Aswaaq Retail Chain
from Investment
Corporation of Dubai
GMG, the Dubai-based retail
and hospitality conglomerate,
has acquired the Aswaaq
retail chain from Investment
Corporation of Dubai (ICD), in a deal that
underscores the growing importance of
e-commerce in the UAE’s retail sector.
The acquisition includes Aswaaq’s 17
supermarkets and two community malls
in Dubai, which will be integrated into
GMG’s existing retail portfolio. As part
of the deal, GMG has also acquired the
Aswaaq brand, which it plans to reposition
as a premium e-commerce platform. The
acquisition is in line with GMG’s strategy
to expand its digital offerings and tap
into the rapidly growing e-commerce
market in the UAE.
Dubai Investment Company
Acquires Virgin Mobile
Middle East and Africa
Dubai-based investment
company, Gulf Capital,
has acquired Virgin Mobile
Middle East and Africa, which
provides mobile services to over 6
million customers across the region.
The acquisition was made in partnership
with Virgin Mobile Middle East and
Africa’s management team and marks
Gulf Capital’s first investment in the
telecommunications sector. As part
of the deal, Virgin Mobile Middle East
and Africa will continue to operate
under the Virgin Mobile brand and will
maintain its current management team.
The acquisition is expected to help
Virgin Mobile Middle East and Africa
expand its market share and enhance
its services, as Gulf Capital brings its
extensive network and expertise to
the table.
Dubai Investments Acquires Stake in a UK Based
Digital Bank
Dubai Investments acquires
25% stake in UK-based
digital bank, Monument
Bank, as part of its strategy
to expand its financial services
portfolio. Monument Bank is focused
on providing bespoke banking services
to high-net-worth clients in the UK
market. This partnership will allow the
bank to leverage Dubai Investments’
network and expertise in the financial
Jumeirah Group, a Dubai-based
luxury hotel company, has
expanded its presence in Europe
by acquiring The Carlton Hotel
in Geneva, Switzerland. The acquisition
marks the company’s first property
in Switzerland, adding to its growing
portfolio of hotels and resorts across
the continent. The Carlton Hotel, which
is set to be rebranded as Jumeirah
Carlton Hotel Geneva, is located in
the heart of the city and features 47
luxurious rooms and suites. Jumeirah
Group aims to enhance its reputation
as a leading luxury hospitality provider
sector to expand its offerings and
enhance its customer experience.
Dubai Investments has been actively
pursuing investment opportunities in
the financial sector, and this acquisition
is in line with its vision to become a key
player in the digital banking space. The
deal is subject to regulatory approvals
and is expected to close in the coming
months.
Jumeirah Group Expands Presence in Europe with
Key Acquisition in Geneva
in Europe and to offer its guests an
unparalleled experience in one of
the continent’s most sought-after
destinations.
56 www.thefinanceworld.com March 2023