UAE: A Bahraini Islamic investment manager has aligned itself with two family conglomerates from the UAE to grow its recently-acquired multimillion dollar lifestyle technology platform.
Family offices Al-Futaim and Al Zarooni Emirates Investments have acquired a “significant” minority stake in The Entertainer for an undisclosed sum, and together with majority shareholder GFH Capital, are aiming to double the US$150 million company’s size over the next three years. GFH Capital in May became The Entertainer’s largest shareholder via an 85% stake acquisition in the lifestyle app.
“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,” said Marwan Shehadeh, Al-Futtaim’s group director of corporate development.
Already present in 15 countries, The Entertainer – through Al-Futtaim – would have further access to over 200 brands in 29 markets across the Middle East, Africa and Asia. In 2017, the Dubai-grown brand realized a turnover of over AED130 million (US$35.39 million).
Without divulging its expansion strategy for The Entertainer, GFH Capital Chairman Sheikh Ahmed Khalifa Al-Khalifa said the investors of the firm expect to accelerate plans to capture the potential that exists for The Entertainer both within the region and globally, under the stewardship of the lifestyle app’s newly-appointed chairman, Jassim Al Siddiqi, who sits on the board of GFH Capital and is the chairman of Shuaa Capital as well as a director of First Gulf Bank and Tourism and Development Company.