DUBAI – Dubai Holding has agreed to buy a minority stake in Azadea, the regional operator of brands such as Zara and Virgin Megastore.
Dubai Holding's stake in Azadea gives Beirut's business value over $ 1 billion, Bloomberg sources told Bloomberg.
Azadea, founded in 1978, offered to sell a 25% share in 2014, and the group manages more than 500 stores of 50 global franchises for clothing, food, multimedia, home furnishings and sporting goods.
The Dubai Holding Group said in a statement that it would add a new group to its businesses under the name of family entertainment complexes and new media to manage projects worth 10 billion dirhams in five years.
The new group will include projects such as Global Village and the Arab Media Group, all the projects and family entertainment projects existing at Dubai Holding as well as the implementation of a strategic plan for the development of new family destinations in the coming period and the construction of new media production complexes .
According to the statement, family conglomerates and media conglomerates, headed by Mohammed Al Mulla, will manage all existing family entertainment destinations and launch new destinations in the coming period.
Dubai Holding operates in 24 countries around the world with three groups, including TECOM and Dubai Properties Group, Jumeirah Group, which operates a portfolio of luxury hotels and resorts.
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