x Abu Dhabi, UAETuesday 25 July 2017

Al Futtaim plans $1bn investment

The Al Futtaim Group is embarking on a US$1 billion (Dh3.67bn) spending spree for acquisitions across the region to bolster its car dealership arm and the rest of its sprawling empire.

A 2008 Toyota Yaris at a local dealership along Airport Road.
A 2008 Toyota Yaris at a local dealership along Airport Road.

A $1 billion (Dh 3.67 billion) spending spree is in the works for the Al Futtaim Group, one of the Middle East's biggest business conglomerates.

Marwan Shehadeh, the group director of corporate development for Al Futtaim, outlined the acquisition plans en route to the World Economic Forum that begins tomorrow in Marrakech, Morocco.

During the next three to four years the company is seeking acquisitions across the region to bolster its car dealership arm and the rest of its sprawling empire.

"A budget of $1bn is not unreasonable over the next three to four years," said Mr Shehadeh. "It could also exceed that, but it depends on the opportunities. If it fits with our plans, we will do it."

afitch@thenational.ae