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Home Lifestyle Hospitality

UAE’s Alpha Dhabi acquires stake in Greek lifestyle brand Nammos Group

The joint venture partnership with Dubai’s Monterock International marks the launch of a new lifestyle vertical and enhances its portfolio in the food and beverage and hospitality industry

Riya Thomas by Riya Thomas
December 8, 2022
in Hospitality, The Global Economics, Top Stories
Reading Time: 2 mins read
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UAE’s Alpha Dhabi acquires stake in Greek lifestyle brand Nammos Group

UAE’s Alpha Dhabi acquires stake in Greek lifestyle brand Nammos Group

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Alpha Dhabi’s global expansion strategies and long-term investment plans focus on expanding its portfolio to provide stronger investment returns. The company formed several acquisitions to accomplish its plans.

Abu Dhabi international holding company, Alpha Dhabi has acquired a stake in the Greek lifestyle F&B luxury lifestyle group Nammos. The joint venture partnership with Dubai’s Monterock International marks the launch of a new lifestyle vertical and enhances its food and beverage and hospitality portfolio. Monterock is a private equity holding company with years of global experience. The future expansion plans of Nammos and the lifestyle and hospitality sectors in the UAE aim to improve and with the partnership, the said sectors are expected to bolster.

Alpha Dhabi’s shares are traded on Abu Dhabi Securities Exchange. Hamad Al Ameri, the Managing Director and Chief Executive Officer of Alpha Dhabi Holdings stated that the acquisition continues the holding company’s renewed investment and expansion opportunities, creating greater shareholder value and driving new revenue streams. “We see strong potential for the expansion of our platform into the F&B and wider lifestyle space, both of which are markets with strong fundamentals globally driven by the return to travel and leisure post-Covid-19,” says Hamad Al Ameri.

He further adds that the firm’s expansion into a new space strengthens its ambition to construct a portfolio of leading luxury and lifestyle brands. The terms and conditions and value of the deal were not revealed. Nammos is a luxury hospitality brand with its flagship location in Mykonos, Greece, and additional venues in Riyadh, Dubai, and their to-be-launched venues in Cannes and London. Through the official statement released, Alpha Dhabi points out the potential in the F&B and the benefits expansion will bring forward to the holding group.

Alpha Dhabi’s global expansion strategies and long-term investment plans focus on expanding its portfolio to provide stronger investment returns. The company formed several acquisitions to accomplish its plans.

The group recently increased its stake in Aldar Properties to become the parent company of the developer and acquired a 25% stake in Gordon Technologies for around $150 million marking a notable move to strengthen its expansion strategies. The government announced a national tourism strategy that seeks to attract more than 30 million hotel guests by the year 2031 and draw billions in tourism investment. Luxury destinations top the attractions in the UAE tourism sector and turn into an important sector of the economy.

The emirates tourism sector has come out of the post-Covid era, hosting nearly 7.00 million visitors in 2021. Dubai welcomed about 8.1 million international visitors in the first seven months of 2022, an increase in number from a year ago and exceeding the total for 2021, according to Dubai Economy and Tourism.

In October, the company reported a nearly Dh 5 billion net profit for the first nine months of 2022, which is more than threefold compared to the previous year with revenue earnings doubling during the period. Monterock and Alpha Dhabi will continue to delve into more investment opportunities beyond the F&B sector, with both companies pursuing to build a bigger portfolio to put them at the vanguard of luxury, hospitality, lifestyle, and entertainment projects.  The joint venture anticipates exploring further prospects through the newly set up F&B business line and seeks to increase its allocation across the sector.

 

Via: short URL
Tags: abu dhabiAbu Dhabi Securities ExchangeAlpha DhabiCOVID-19Nammos
Riya Thomas

Riya Thomas

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