FINANCIAL NEWS

UAE- Korath to launch new retail brand

11 May 2010

(MENAFN) The Chief Executive Officer at Korath Holding announced that the UAE-based firm is planning to invest $272 million over three years to set up a retail network under the brand KM, Gulf News reported.

The CEO affirmed that the new venture, KM Retail, will open the first concept store in Abu Hail on May 17. This means that the group will be adding one million square feet of retail space during the year 2010, he added.

Korath Holding, which has diversified business interests ranging from software development and logistics to manufacturing and construction, currently runs 25 retail outlets, including supermarkets and department stores under brand names KM Trading and Al Safa in the UAE and Oman.

The multiple KM retail format stores will comprise convenience stores, supermarkets, department stores and hypermarkets.

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