Marka, a retailing and restaurants start-up, has agreed to buy a sporting goods retail firm from state-owned conglomerate Dubai World for 220 million dirhams ($60 million), in a move that will make Marka operationally profitable in 2015, it said on Sunday.
The acquisition of Retailcorp, a subsidiary of Dubai World’s investment unit Istithmar World, will be funded by the Marka’s own funds and bank facilities, said the United Arab Emirates-based company, which listed in Dubai earlier this year.
The deal will give Marka a network of 15 sporting goods outlets across the UAE, and Marka aims to expand the chain across the country and the region, it added.
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