The retailer Marka is continuing its acquisition spree with a Dh31 million deal for the franchise operations of the UK-based Morelli’s Gelato ice-cream brand.
As part of the deal yesterday, the Dubai-listed company will acquire five outlets and open 17 more outlets in the Middle East and North Africa by 2020.
Marka plans to bring the brand to Qatar, Oman, Lebanon, Egypt and expand further in Saudi Arabia. A sixth location is expected to open at the Mall of the Emirates in Dubai in October.
Marka also expects to launch Harper’s Bazaar Cafe at the Dubai Design District in the same month.
“We focus on acquiring modest-sized businesses with strong revenue and EBITDA,” said Nick Peel, Marka’s chief executive.
“Based on the current development plan for Morelli’s Gelato, we are anticipating a double- digit growth [in earnings].”
Marka expects to be profitable next year.
It is taking over the franchise from Gourmet Gulf, which is owned by Daud Investments and Majid Al Futtaim Ventures.
Morelli’s has two outlets in Dubai and also an outlet each in Bahrain, Kuwait and Saudi Arabia.
This year there has been mergers and acquisitions in Dubai’s food and beverage sector, and the sector’s total revenue is expected to reach US$9.8 billion this year, up from $9.1bn last year, according to Euromonitor International.
Last month, Marka said it had bought the Dubai-based Middle Eastern restaurant chain Reem Al Bawadi for Dh315m.
It also launched Taste of Italy by Heinz Beck at the Galleria Mall on Al Wasl Road, Dubai, and the Uefa Champions League Experience, which features a restaurant, at Yas Mall.
Marka raised Dh500m in equity last September on the Dubai Financial Market.
Its shares closed down 1.5 per cent to Dh1.28 yesterday.
The company has six fashion and four sports brands.
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End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
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