Nakheel has announced the creation of HyperCorp LLC – a joint venture company with the Auchan group, one of the world’s largest food retailing groups.
A division of Nakheel Retail, HyperCorp LLC aims to develop the Auchan banner across the Gulf with French company Auchan holding 10% of the capital. The new company plans to open a first wave of five hypermarkets located in Nakheel’s developments across Dubai including Dragon Mart (before the end of 2008), Great Mall Dubai in International City, Palm Jumeirah, Jumeirah Village and Palm Deira.
Creating an even more diversified retail property division of Nakheel Retail, HyperCorp LLC will further substantiate the company’s contribution to the betterment of the communities in which they are a part of, as well as additional stores outside of Nakheel developments.
Graham Dreverman, Group Managing Director of Nakheel Retail, said:
“We are extremely pleased to have signed a J.V. with the Auchan Group as we consider they have the best trading platform for our market and a successful track record in other emerging countries. We will open 15 hypermarkets and 40 supermarkets across the G.C.C. in the coming 10 years and will expand into other quality developer’s projects as well as our own.”
Hypercorp LLC has appointed Jean Marie Teyssedre as Managing Director of the new business.
“I am delighted to be leading this exciting venture and to establish the partnership with Auchan. We will set new benchmarks for hypermarkets and supermarkets in the region as Auchan is a global leader in the retail industry” said Jean Marie.
Christophe Dubrulle, chairman of the board of the Auchan Group, said:
“We are excited to enter into the Middle East market in partnership with Nakheel. This region offers great opportunities and we are looking forward to working with a company who share our values when it comes to providing the highest quality of service and positively impacting the daily lives of the people in our communities. We have proved in the past our know-how in developing our activity in various countries and regions and our capacity to provide to every consumer the most attractive offer available in terms of prices and choice, and we are confident in the success of this new challenge.”
Nakheel Retail’s focus is to become the dominant player in Dubai’s changing retail landscape, providing extraordinary vision and expertise during a period of remarkable change and growth.
