30/07/2018 07:16 AST
Bahrain-based GFH Capital, a leading financial group in the region, has reached an agreement with leading UAE conglomerate Al Futtaim to complete the landmark acquisition of the Entertainer, one of the leading incentive providers and lifestyle technology platforms in the region.
A leading investment management company, GFH Capital is a wholly-owned subsidiary of GFH Financial Group.
Al Futtaim is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, and partners with more than 200 of the world’s most admired and innovative brands across the automotive, retail, real estate and financial services sectors within 29 countries in the Middle East, Africa and Asia.
As part of its efforts to drive strategic value creation in the Entertainer, GFH has signed an investment deal with Al Futtaim and Al Zarooni Emirates Investments who have acquired a significant minority stake in the company alongside GFH and will be playing a critical role in helping the Entertainer achieve its next phase of growth, said a statement from the company.
The Entertainer, which is valued at $150 million, was founded in 2001 in the UAE. It has developed a strong merchant partner network in the GCC and many other countries globally, based on its longstanding relationships and market-leading technology.
Consumers on the platform in 15 countries across the Middle East, Europe, Asia and Africa enjoy unbeatable offers and savings at fine dining restaurants, global restaurant franchises, attractions, leisure activities, golf clubs, water parks, spas, beauty salons, gyms, fitness centres and much more – plus savings on hotel nights around the world, it stated.
Sheikh Ahmed Bin Khalifa Al Khalifa, the chairman of GFH-Capital, said: "We are delighted to invest in the high-growth technology sector in the region; partnering with recognized names such as Al Futtaim. The Entertainer has so far firmly cemented its position as a market leader and with the support of GFH and our investors, we expect to accelerate plans to capture the vast potential that exists for the company both within the region and globally to double the size of the Company over the next three years."
"We look forward to working closely with our partners, the senior management team and Jassim Al Siddiqi, the newly appointed chairman of the Entertainer, who has vast experience in investment in technology and the support services sector, to continue delivering the most advanced levels of technology, value and choice available anywhere in the market today," he added.
Marwan Shehadeh, the group director, Corporate Development at Al Futtaim, said: "We see great potential in both the technology and lifestyle sectors."
"The Entertainer is already a market leader in the Middle East and we are confident that Al Futtaim’s strong international reach can add value to the company’s efforts to further build its customer and merchant networks throughout the Middle East and Asia, where we have long established relationships and exposure to the world’s leading lifestyle brands," he added.-
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