SONAE : First agreement concluded opens doors to United Arab Emirates - SONAE Internationalizes Continente through franchising

Maia, 20 August, 2015

First agreement concluded opens doors to United Arab Emirates SONAE INTERNATIONALIZES CONTINENTE THROUGH FRANCHISING

Sonae will strengthen the internationalization of its food retail area through the franchising of Continente's chain. The first agreement, already concluded, foresees the entry into United Arab Emirates until 2017, taking the advantages provided by Continente to the Portuguese families also to the residents of this country.
Luis Moutinho, Sonae MC's CEO, said: "Continente's international expansion fits Sonae's international growth strategy which intends to foment the acquired competencies in developing the retail formats and in creating distinctive and innovating products that combine quality with price. The concluded agreement with United Arab Emirates marks the beginning of a new growing avenue through capital light formats which will be strengthened with new markets and complementary development formats".
The expansion into United Aran Emirates will be carried out through a partnership with Fathima Group, a local conglomeration which operates in multiple sectors of the U.A.E., namely retail, distribution, wholesale, food courts and catering, perfumes and cosmetics, production of floors and cold storage, among others.
The United Arab Emirates possess one of the most developed economies in the Middle East, with the 13th highest gross domestic product (GDP) per capita of the world. With a strong purchasing power, the country integrates about 9.5 million inhabitants, of which about 85% are originally foreign presenting a great diversity of the consumers.
Luís Moutinho concludes: "Continente's international franchising has created value for Sonae and also for the national economy, as it allows to strengthen the generated added value and to contribute for the promotion of the national production, as an important part of the available products and services are produced or carried out by Sonae's national partners, with whom we
have established long-term relationships".

Sonae is a Retail company with two major partnerships in the fields of Shopping Centres (Sonae Sierra) and Telecommunications (Sonaecom). By the end of 2014, Sonae achieved a turnover of around 5 billion Euros. The company defined as its strategic objectives: the internationalisation and diversification of investment style and the leveraging and strengthening of core assets and competencies. For more information see www.sonae.pt.

For more information, please contact: RITA BARROCAS

External Communication / Sonae

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DIOGO SIMÃO

Director / BAN Corporate & Media Relations

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