Al Futtaim has bought the retail business of Marks & Spencer (M&S) in Hong Kong and Macau as the Dubai-based conglomerate expands a portfolio brands that includes Guess and Tommy Hilfiger.
Al Futtaim, which has a presence in 29 countries across the Middle East, Africa, Asia and Europe, and UK-based Marks & Spencer did not disclose the value of the deal. Al Futtaim, which has partnered with Marks & Spencer since 1998, operates four divisions: automotive, financial services, property and retail.
The sale of the 27 stores was completed on December 30 and makes Al Futtaim the sole franchisee for M&S in Hong Kong and Macau, the companies said on Tuesday. As a result of the sale, Al Futtaim now operates 72 M&S stores across 11 countries in Asia and the Middle East.
"We are delighted to strengthen our long-term partnership with M&S and expand Al Futtaim's international footprint to Hong Kong and Macau," said Stephen Rayfield, vice president of M&S and sports and lifestyle division at Al Futtaim.
"Al Futtaim looks forward to building on our solid foundations as we continue to enrich our customers' lives and aspirations through the provision of quality products and services in Hong Kong and Macau."
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Retail operators in the UAE are venturing further afield to boost profitability as the domestic sales markets weaken because of the economic slowdown and job cuts.
Dubai-based conglomerate Majid Al Futtaim is expanding its brands and building malls in Egypt and the Arabian Gulf region to buoy sales. Last year, it bought Retail Arabia's Geant stores and added them to its Carrefour portfolio.
M&S made the sale after a review of its international business in November 2016, when the company proposed to operate with fewer wholly-owned businesses.
"We have substantially reshaped our international business, which has improved profitability and positioned us for growth," said Paul Friston, M&S's international director.
"As one of the world's leading retail operators, with strong logistics capabilities and local expertise, Al Futtaim is the ideal partner for us to develop and grow our business in Hong Kong and Macau."
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
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SHAITTAN
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Company%20Profile
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
DUNGEONS%20%26%20DRAGONS%3A%20HONOR%20AMONG%20THIEVES
%3Cp%3EDirectors%3A%20John%20Francis%20Daley%20and%20Jonathan%20Goldstein%3Cbr%3EStars%3A%20Chris%20Pine%2C%20Michelle%20Rodriguez%2C%20Rege-Jean%20Page%2C%20Justice%20Smith%2C%20Sophia%20Lillis%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Company%20Profile
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The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
