The Dubai developer Nakheel has pulled out of a joint venture with the French hypermarket chain Auchan because of the economic climate, Auchan says.
Auchan closed its hypermarket in Nakheel's Dragon Mart at the end of last year after Nakheel said it did not want to proceed with their joint plans to open 55 stores across the Gulf over 10 years, said Leandre Boulez, a director of Auchan and one of the board members of Auchan Dubai.
"The first store opened and it grew progressively, but because of the economic situation Nakheel decided to review its position regarding the development of its own retail activity. And so they have decided not to continue with this franchise."
Nakheel was not available for comment.
It entered the partnership with Auchan in mid-2008 and planned to spend at least US$800 million (Dh2.93 billion) over the next decade opening 15 hypermarkets and 40 supermarkets across the Gulf.
The joint venture company was to open as many as 40 stores in Dubai alone in Nakheel's developments, starting with Dragon Mart, a large Chinese-themed mall in International City, and later on the Palm Jumeirah, Palm Deira and Jumeirah Village. It opened an Auchan hypermarket in Dragon Mart in mid-2009.
Nakheel later faced big hurdles after the financial crisis hit Dubai. It postponed construction on retail projects such as the mall on the Palm Jumeirah and the extension of Ibn Battuta Mall. But the developer has said it plans to resume work on at least four of these shopping malls this year.
In March last year Dubai World's retail arm, Nakheel Retail, later known as Retailcorp World, dropped many of its other brands as part of a radical overhaul of the company.
It closed its Lamborghini-branded cafes and cancelled plans to bring the US gourmet grocery chain Balducci's to the region.
Its parent company, Dubai World, asked in November 2009 for a standstill on its payments to contractors. Dubai World reached a final agreement last September with its bank creditors to restructure $24.9bn of debt. Nakheel is in the middle of its own plans to settle claims by contractors.
Mr Boulez said Nakheel's decision to pull out of the hypermarket venture was made in September last year.
"It's a loss of an opportunity for us but it has happened [before] that we have entered and closed relationships with partners here and there," he said.
"It's a situation but it's not a very big issue for us."
Mr Boulez said it was too early to say whether Auchan would try to re-enter the Gulf with another local partner.
Auchan has 537 hypermarkets and 732 supermarkets in 12 countries across Europe and Asia.
aligaya@thenational.ae
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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How to protect yourself when air quality drops
Install an air filter in your home.
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
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