Dubai’s Majid Al Futtaim closed Carrefour in Oman

The strategic move mirrors an earlier development from 5 November 2024, when Majid Al Futtaim confirmed the cessation of Carrefour’s operations in Jordan

Dubai-based retail conglomerate Majid Al Futtaim launched its new grocery retail brand HyperMax in Oman, according to reports, after closing all of its Carrefour stores in the sultanate.

In a message to customers, it said: «We would like to extend our sincerest thanks and gratitude for your continued support throughout the decades».

It follows a similar move in Jordan in November where its Carrefour franchise brand ceased operations and 34 HyperMax locations were opened across the country.

Carrefour has come under intense pressure since 2022 when a franchise agreement was signed with Israel’s Electra Consumer Products and its subsidiary Yenot Bitan.

As a result, the French supermarket giant has been subject of boycotts promoted by the Palestinian-led boycott, divestment and sanctions (BDS) movement.

In its most recent financial results Majid Al Futtaim revealed that on the retail side of its operations there was an 11% year-on-year drop in revenue for the first half of 2024.

Revenues dropped to AED11.6 billion ($3 billion), while earnings before interest, taxes, depreciation, and amortisation (Ebitda) declined 47% year on year to AED278 million.

Majid Al Futtaim launched the first Carrefour hypermarket in the region in 1995 at City Centre Deira, Dubai. By the year 2020, the conglomerate oversaw more than 320 Carrefour stores across 16 nations.