French retail group Auchan has teamed up with Dubai-based corporation Nakheel to form HyperCorp LLC, a new joint venture company which aims to develop the Auchan banner across the Gulf.
The move represent's the group's first entry into the Middle East market, adding to its existing operations in Europe and Asia.
The new venture, in which Auchan reportedly has a 10 per cent shareholding, is set to open five hypermarkets in Nakheel's real estate developments across Dubai – including Dragon Mart, Great Mall Dubai in International City, Palm Jumeirah, Jumeirah Village and Palm Deira.
Graham Dreverman, managing director of Nakheel Retail, said the company was extremely pleased to have signed the joint venture with the Auchan Group. "We consider they have the best trading platform for our market and a successful track record in other emerging countries," he commented. "We will open 15 hypermarkets and 40 supermarkets across the GCC in the coming 10 years and will expand into other quality developers' projects as well as our own."
Hypercorp has named Jean Marie Teyssedre as its managing director.