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Savola opens its first HyperPanda in UAE
DUBAI — Saudi-based Savola Group, one of the largest diversified groups in the Middle East, yesterday launched its first venture outside the Kingdom — HyperPanda — its mammoth 175,000 square foot hypermarket located at Dubai Festival City (DFC).
The group is already planning a further expansion into the UAE, according to Dr Mohammad Amin Kashgari, president, retail division, with the launch of another store in Mirdif area in Dubai next year.
He told Khaleej Times: "We are currently in negotiations with the Lal Group, which is coming up with a new shopping mall in that area. We also plan to open one store in 2008 either in Abu Dhabi or Sharjah and another one in Qatar."
"Back home, during the last six months, we have been opening a shop every month. In the GCC we plan to launch a store every year. Currently, we have 50 supermarkets and five hypermarkets in the Kingdom."
"By the year 2010 we plan to double the number of our supermarkets and open 20 more hypermarkets in Saudi Arabia, with the total selling area of five billion square feet. Also, our target sales figure by the same year is SR10 billion," he added.
Managed and operated by Savola retail division, HyperPanda boasts an extensive product line, with the largest selection of fresh foods in the UAE and introducing the first healthcare centre concept developed within a hypermarket.
At any given time, the store shall be stocking some 70,000 items. "Savola Group began as an edible oil refinery back in 1979 with a capital of SR40 million. Today, it has grown to become one of the largest diversified groups in MENA with a capitalisation of SR3 billion, and operating in six high-growth industries in various parts of the region," said Dr Abdulraouf Mannaa, chief executive officer, Savola Group.
He attributed the group's rapid expansion to impressive growth results from its oil, sugar, packaging and retail operations. "And now, we are in a position to further enhance our growth with the first retail operations in the UAE," he added.
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