Marka, the Dubai-based retail group that has yet to make a profit after more than two and a half years of trading, has ended its search for a new chief executive.
Benoit Lamonerie assumed the role on Sunday, the company said in a release on the Dubai Financial Market.
Khaled Al Mheiri, Marka’s vice-chairman and managing director, had been serving as the company’s interim chief executive since the resignation of Nick Peel in December.
Marka said that Mr Lamonerie “has over the last 20 years, led and managed major projects in the retail, hospitality, entertainment and real estate sectors, both locally and in listed companies and internationally”.
According to his LinkedIn profile, Mr Lamonerie was the sales and marketing manager of Dubai Autodrome when he arrived in the UAE in 2004 to 2006.
He then joined Union Properties and was the company’s general manager until 2009. For the past eight years, he has worked at Gulf General Investment Company as its chief executive.
The release said: “We believe that his significant expertise and strong knowledge will be vital in leading the company through its next phase of business growth.”
The news may come as a respite from the negative headlines hitting the group and the wider retail sector.
In February, Marka said it planned to rejig its portfolio of brands and continue with a programme of “extensive cost-cutting” after posting a second annual loss and missing its target to be in the black after two and a half years’ trading.
Marka’s first quarter loss widened to Dh27.8 million from Dh18.1m in a year-earlier period.
Marka has struggled against a contracting economy and a strong dollar making the UAE an expensive destination for many of its key tourist markets.
The company operates three divisions – Marka Sports, Marka Hospitality and Marka Fashion. It has been on an aggressive expansion plan, opening at least 50 outlets across retail, food and beverage, and kids entertainment sectors. Its outlets including Reem Al Bawadi restaurants and Harpers Bazaar Cafe, all primarily in Dubai. Marka also has interests in Abu Dhabi’s Yas Mall with the UEFA Champions League Experience.
The company listed in Dubai in September, 2014 at the height of the food and beverage boom.
“It is common knowledge in the market that Marka is looking for more money,” said Abdul Kader Saadi, managing director of Glee Hospitality Solutions.
He said Marka came into the market when valuations and real estate where at a relative peak.
“Marka’s financial backing meant they were paying more for concepts and real estate above everybody else and this caused a rise in industry costs for staff, talent and outfit for everybody else.”
At the beginning of this month Marka agreed to sell its 60 per cent share in the children’s indoor play area operator, Cheeky Monkeys, for Dh84 million, just two years after purchasing it for nearly Dh30m.
Mr Peel, before his resignation, had described Cheeky Monkeys as ‘recession proof.’
ascott@thenational.ae
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
COMPANY%20PROFILE
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RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Killing of Qassem Suleimani
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
BAD%20BOYS%3A%20RIDE%20OR%20DIE
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
SPECS%3A%20Polestar%203
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MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Sweet%20Tooth
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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
