Dubai: Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers, has announced the creation of HyperCorp LLC - a joint venture company with the Auchan group, one of the world's largest food retailing groups.
A division of Nakheel Retail, HyperCorp LLC aims to develop the Auchan banner across the Gulf with French company Auchan holding 10 per cent of the capital.
The new company plans to open a first wave of five hypermarkets located in Nakheel's developments across Dubai including Dragon Mart (before the end of 2008), Great Mall Dubai in International City, Palm Jumeirah, Jumeirah Village and Palm Deira.
Creating an even more diversified retail property division of Nakheel Retail, HyperCorp LLC will further substantiate the company's contribution to the betterment of the communities in which they are a part of, as well as additional stores outside of Nakheel developments.
Graham Dreverman, Group Managing Director of Nakheel Retail, said: “We are extremely pleased to have signed a J.V. with the Auchan Group as we consider they have the best trading platform for our market and a successful track record in other emerging countries.
"We will open 15 hypermarkets and 40 supermarkets across the G.C.C. in the coming 10 years and will expand into other quality developer's projects as well as our own.''
