|11-07-2014, 12:43 PM||#1|
Dubai`s Abraaj Group acquires Asian restaurant and wine shop chain
Dubai-based private equity group Abraaj said on Thursday it acquired Wine Connection, a Southeast Asian food and drink chain, seeking to exploit the growing appeal of the wine and food industry within the Middle East’s middle class.
Abraaj said in a statement on Thursday it had bought the controlling stake in Wine Connection, which operates a total 55 restaurants and wine shops in Thailand and Singapore.
However, Abraaj did not disclose the price.
"Rapid population growth, urbanization and the rise of the middle class across the region are the primary drivers for the sector`s growth and Wine Connection is well positioned with its focused offering to leverage the opportunities that come with these fundamental market dynamics," the firm said in a statement.
Particularly in the UAE, where the wine industry is significantly benefitting from the country’s booming travel and tourism industry, and the solid growth recorded in business travel.
The country is welcoming massive numbers of young professionals with high levels of disposable incomes.
Moreover, With Dubai already known as the leading business hub in the region, the hosting of the Expo 2020 will markedly boost the city’s level as a major global business center.
Abraaj has been aggressively expanding its reach in emerging markets. The company already have shares in Egypt`s Orascom Construction, budget carrier Air Araba, and supermarket chain Spinneys.
Abraaj had also made a formal offer of $118.88 million to full acquire Bisco Misr on Monday, one of Egypt`s largest producers of biscuits and cakes.
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