Marka buys 60% in Cheeky Monkeys for Dh30m
Edutainment firms runs more than 2,000 children’s events a year in four locations
Dubai: Marka said on Wednesday it has acquired a 60 per cent stake in Cheeky Monkeys Playland & Sweet Surprises for Dh30 million.
“As a unique edutainment concept designed as a destination where children learn as they play, Cheeky Monkeys provides a well-established platform from which Marka can drive its next phase of expansion,” Khaled Almheiri, Vice-Chairman, Marka told Gulf News.
Cheeky Monkeys’ four facilities at Al Barsha, Mirdif, Jumeirah Beach Residence and J3 Mall and offers full turnkey solutions for kids’ event management along with venue services and conducts more than 2,000 children’s events each year, the company said in a statement.
More outlets
Marka has confirmed plans to open an additional eight Cheeky Monkey outlets across the GCC before 2018.
The acquisition comes as part of the company’s strategy to focus on securing profitable retail operations with brands that show strong growth potential.
“We are confident that 2015 will be a watershed year in Marka’s development with distinguished, exciting and financially profitable projects being launched at a very quick pace. We have an ambitious, multifaceted growth strategy that is aimed at generating long-term value for our shareholders,” Almheiri said.
Earlier in January, the company had hinted of looking at number of acquisitions both within and outside the UAE, with a particular focus on ports, retail and food & beverage.
The company saw an acquisition of Istithmar’s Retailcorp, which saw the company with 15 retail outlets located at some of the most desirable malls across the UAE.
