Saudi Arabian grocery retailer BinDawood has acquired an 80.5% stake in Paris-based marketing company Ykone via a subsidiary Future Technology Retail (FTR).
No financial details of the acquisition have been made public but BinDawood has said that the deal is part of its strategy to boost its presence in the e-commerce segment.
Ykone is a subsidiary of the French TF1 group. It is essentially an influencer marketing agency which offers marketing solutions in verticals such as fashion, travel, beauty and luxury brands.
The deal also gives FTR an option to acquire another 4.9% stake in Ykone in future. The remaining stake will continue to be held by the company’s founder and key management personnel.
“The Middle East’s influencer marketing industry is growing exponentially. This investment… will strengthen the growth of our business,” said BinDawood CEO Ahmad AR.
UAE-based real estate major Aldar Properties has acquired a beachfront resort, DoubleTree by Hilton Resort & Spa Marjan Island, and a plot of land adjacent to it in the emirate of Ras al Khaimah for $220.5 million (AED 810 million).
Aldar made the acquisition via subsidiary Aldar Investment.
“The transaction not only affirms our commitment to the market, but it also adds depth and scale to our reach given the asset’s complementary value proposition, development potential and target clientele,” said Jassem Busaibe, CEO at Aldar Investment.
The DoubleTree resort is a five-star property located on the first section of Al Marjan Island and has “above-market average” occupancy levels, Aldar said.
With the latest acquisition, Aldar has now acquired real estate properties in the emirate worth AED2 billion. Two of its most recent acquisitions in the past few months include Al Hamra Mall and Rixos Bab Al Bahr.
Aldar, which is listed on the Abu Dhabi stock exchange, now has a hospitality and leisure portfolio of more than 4,250 keys.