Al-Futtaim plans $500m of acquisitions in Mideast

22 May 2011

UAE-based Al-Futtaim Group has said it expects to sign acquisitions worth more than $500m in the coming weeks to complement the group's existing core businesses and raise its profile in Saudi Arabia, The National has reported. The group has five core businesses - automotive, retail, financial services, property, and electronics and engineering - which it aims to expand in other countries. The group is seeking to acquire three companies in the Saudi automotive and retail sector at a cost of $100m, with a retail deal worth $400m in another country in the Middle East.

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