ADMO, the joint venture between Alfa Dabi and Monterock International of Dubai, have signed an agreement to acquire the luxury lifestyle group What’s up with you?boosting its portfolio in the lifestyle, food and beverage and entertainment industry.
The move also aims to “significantly expand” ADMO’s lifestyle presence in eastern markets, the company said Wednesday.
ADMO was launched in 2022 and aimed to curate a portfolio of premium luxury and lifestyle brands, with the Acquisition of European luxury lifestyle group Nammos.which has flagship locations in Mykonos and Dubai, as well as a development portfolio in London, Cannes, Miami and Abu Dhabi.
The terms and value of the Ce La Vi deal were not disclosed.
“This acquisition is not only a strategic move to expand globally but a bold statement of our vision,” said ADMO Vice President Petros Stathis.
The deal not only expands ADMO’s global lifestyle presence eastward, but also “underlines our focus on building and fostering a portfolio of globally dominant lifestyle brands,” he added.
What’s up with you? It first opened its doors in Southeast Asia and now has a presence in cities such as Singapore, Dubai, Tokyo and Taipei.
Last year, the United Arab Emirates announced a national tourism strategy that seeks to attract 40 million hotel guests by 2031 and attract 100 billion dirhams ($27.2 billion) in tourism investments to the Emirates.
Hotels in the United Arab Emirates recorded a 24 percent annual increase in revenue to Dh26 billion in the first seven months of the year as the country’s tourism sector recovered, state news agency Wam quoted Economy Minister Abdulla bin Touq in early of this month.
Ce La Vi Dubai – in pictures
Alpha Dhabi and Monterock will continue to explore further investment opportunities, with plans to build a portfolio of lifestyle, luxury, hospitality and entertainment projects, ADMO said.
Alfa Dabi, which was formerly known as Trojan Holding, has become a regional conglomerate. Was list on the ADX in June 2021 and has since been on a wave of expansion, tapping into a number of industries including Elon Musk’s SpaceX.
The company has ventured into various sectors such as construction, health, hospitality and industry after completing a series of acquisitions in 2021 and 2022.
In May this year, it acquired a 36.4 per cent stake in the National Hotels and Tourism Corporation for Dh730 million. The deal makes Alpha Dhabi the largest shareholder in the owner, manager and operator of the hospitality sector.
This acquisition adds to Alpha Dhabi’s hotel portfolio that includes Cheval Blanc Randheli, LVMH’s second hotel venture, St Regis Saadiyat and Al Wathba Luxury Collection Desert Resorts.
Monterock, a private equity holding company, has over 25 years of experience in key global markets and is also active in the media, property, finance, industrial technology and green energy sectors.
Updated: October 18, 2023 at 9:49 am