Carrefour has sold its 25% stake in Majid Al Futtaim Hypermarkets to its regional partner, Dubai-based Majid Al Futtaim Holding for €530 million (US$683.1 million). Majid Al Futtaim has partnered with Carrefour since 1995 and the two operate 50 hypermarkets and 44 supermarkets in several countries in the Middle East, North Africa and Central Asia. Under the agreement, signed Tuesday 22 May, Majid Al Futtaim will own 100% of Majid Al Futtaim Hypermarkets’ shares. The exclusive franchise partnership with the Carrefour Group is to be renewed until 2025 and extended to new formats and new countries. According to the retailer, 'Carrefour expresses its full confidence in Majid Al Futtaim's ability to continue to develop the brand successfully and consolidate its positions in these growing markets'.
Over the last year, Carrefour has sold its stakes in its Indonesian and Greek ventures, with local partners retaining the Carrefour franchise. Carrefour also offloaded its Colombian stores to Chilean retailer Cencosud.
