Nakheel, a Dubai World company and one of the world’s largest real estate developers, and the France-based Auchan group, have announced the signature of an agreement for the creation of a joint venture. The two companies have formed HyperCorp LLC, 10% of which is owned by the French company, that will operate across the Gulf.

“We will open 15 hypermarkets and 40 supermarkets across the GCC in the coming 10 years," commented Graham Dreverman, managing director of Nakheel. HyperCorp plans to open a first wave of five hypermarkets located in five of Nakheel’s developments across Dubai including the Dragon Mart (before the end of 2008), Great Mall Dubai in International City, Palm Jumeira, Jumeira Village and Palm Deira.

Christophe Dubrulle, chairman of the board of the Auchan Group, added: “We are excited to enter into the Middle East market in partnership with Nakheel. This region offers great opportunities and we are looking forward to working with a company who share our values when it comes to providing the highest quality of service at discount price.

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