Savola’s subsidiary to invest AED 3 billion in the UAE in the next 3 years

Savola Group’s subsidiary, al-Azizia Panda, plans to invest AED 3 billion in the United Arab Emirates in the next 3 years and will open 12 hyper and super markets in the Gulf states, as part of its expansion and growth plan, CEO Mowafaq Gamal was quoted as saying in Emirates Today newspaper.

The first new branch will be launched in Dubai next year, followed by another in Sharja and a third in Abu Dhabi in 2016, Mr Gamal said in a press conference yesterday. Up to 25 percent of the company’s spending will be focused on the UAE because of its growth potential, he said.