ABU DHABI (UAE). Lagardère Capital, a Joint Venture between Lagardère Travel Retail and Abu Dhabi Capital Group has secured a contract to operate various sections of Duty Free retail space at the new Midfield Terminal Complex (MTC) in Abu Dhabi Internatio
Finance, Lagardère Travel Retail
December 22, 2015
Following a highly competitive tendering process conducted by Abu Dhabi Airports (ADAC), the contract signed by the Parties on the 21st of December 2015 will provide Lagardère Capital the opportunity to operate duty free categories including perfumes & cosmetics, confectionery, tobacco, liquor, gifts and souvenirs. Lagardère Capital will operate over 3,000 sqm of retail space located in the main departure hall, arrival hall and the 4 piers of the new airport terminal.
The Midfield Terminal Complex, to be operated by Abu Dhabi Airports, will be the hub for Etihad Airways, and will benefit from the extraordinary growth in traffic at Abu Dhabi International Airport, augmented by the Emirate’s vision to create Abu Dhabi as a destination for business and tourism. When open in late 2017, the MTC will have the capacity to handle 30 million passengers annually.
“Lagardère Capital is honored to have been selected by ADAC as a core duty free operator at the Midfield Terminal Complex in Abu Dhabi” said Jassim Alseddiqi, Board Member of Abu Dhabi Capital Group. “We have created a bespoke Duty Free vision for Abu Dhabi airports: “Bringing Abu Dhabi to the World”. Our mission will be to enable passengers using the Midfield Terminal Complex to discover the essence of Abu Dhabi, experiencing the combination of a rich heritage and an exciting modern future throughout our world-class Duty Free retail proposition.”
Dag Rasmussen, Chairman and CEO of Lagardère Travel Retail stated: “Lagardère Capital is extremely proud to be awarded the Midfield Terminal Complex Duty Free concession and is looking forward to creating the ultimate Duty Free experience for passengers using the Midfield Terminal Complex. We have created for Abu Dhabi an innovative concept with the ambition to create a multi-sensory shopping experience that is an extraordinary fusion of iconic brands entertainment, technology & culture with a unique Abu Dhabi touch. We are confident that the Abu Dhabi Midfield terminal stores will no doubt become a landmark setting a new benchmark for the industry.”
This contract is a key milestone in Lagardère Travel Retail strategy to expand in the Middle East. With the addition of this operation to its existing network of operations in 31 countries worldwide Lagardère Travel Retail becomes one of the main duty free operators in the Middle East.
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ABOUT ABU DHABI CAPITAL GROUP:
Abu Dhabi Capital Group is a private institutional investment house based in Abu Dhabi, United Arab Emirates having investments across various asset classes, industries and geographies. ADCG manages a diversified portfolio of global listed equities, fixed income and alternative investments alongside substantial investments in private equity and real estate.
ABOUT LAGARDÈRE TRAVEL RETAIL:
With 3,2 billion euros 100% managed sales in 2014 and a presence in 30 countries, 150 airports and 700 train stations in EMEA, North America and ASPAC, Lagardère Travel Retail is a pioneering and leading travel retail player with global reach. Operating stores in travel essentials, duty free and luxury and foodservice, Lagardère Travel Retail offers a complete range of products and services to satisfy each and every traveler all along his journey. Beyond its three businesses expertise, as a multi-specialist assembler, Lagardère Travel Retail creates value-added opportunities in each location.
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