REG - Time Out Group plc - New Time Out Market - Bahrain (Mgmt Agreement)

Time OutAnnouncement

05/09/2023 07:00

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RNS Number : 3266L  Time Out Group plc  05 September 2023

 

 

 

5 September 2023

 

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - Bahrain management agreement

 

Time Out Group plc (AIM: TMO), the global media and hospitality business,
announced today that it has entered into a management agreement with Majid Al
Futtaim Properties Bahrain to open a new Time Out Market ("Market") at City
Centre Bahrain with an expected opening date towards the end of calendar 2024.

 

This new agreement increases the number of new sites to nine Markets in
development which are set to open between 2023 and 2027, in addition to six
Markets already open and a pipeline of other locations in advanced
negotiations.

 

City Centre Bahrain, the leading shopping, leisure and entertainment
destination in Bahrain is home to more than 340 brands, attracting more than
14.6 million visitors each year. Owned and managed by Majid al Futtaim - a
diversified lifestyle conglomerate spanning 16 countries across the Middle
East, Africa and Asia - City Centre Bahrain provides over 1,7 million sq ft of
retail space, offering visitors a blend of affordable to high-end retailing
options as well as two five-star hotels and a range of family entertainment
and leisure facilities.

 

Spanning 35,000 sq ft, Time Out Market Bahrain will feature an editorially
curated mix of eleven kitchens, a dessert counter, a coffee shop, two bars,
one exhibition space, one stage, and an al fresco rooftop. With more than 900
seats over two levels, diners are able to experience the best regional
culinary and cultural talent from award-winning chefs to up-and-coming
restaurateurs and artists.

 

Under a management agreement, Time Out Market receives a share of revenues and
profits (subject to a guaranteed consultancy fee) but does not contribute to
the capital cost of the site.

 

Sandy Hayek, Time Out Market CEO said: "We are delighted to partner with Majid
Al Futtaim to open Time Out Market Bahrain in a very popular location. This is
where we will bring the best of Bahrain's vibrant culinary scene together
under one roof - the food here is incredibly diverse and culturally rich and
we are looking forward to showcasing the best local talent at Time Out Market
Bahrain.

 

"Interest from landlords and real estate companies to open Time Out Markets
with us around the world remains strong. As we continue to grow our pipeline,
we are looking forward to opening five new sites - including in Bahrain - by
the end of calendar 2024."

 

Khalifa Bin Braik, Chief Executive Officer, Majid Al Futtaim Asset Management
said: "Majid Al Futtaim is dedicated to creating retailing destinations that
bring world-class shopping, dining, and entertainment activities to the MENA
region. We are delighted to be partnering with Time Out Market to introduce
this unique offering to Bahrain's residents and visitors, further cementing
our commitment to supporting The Kingdom of Bahrain's Economic Vision 2030 and
creating great moments for everyone, everyday."

 

The portfolio of 15 sites includes six open and the following nine new Markets
in development:

●     Porto (calendar year 2023 - Owned & Operated Market)

●     Cape Town (2023 - Management Agreement)

●     Barcelona (2024 - Owned & Operated Market)

●     Bahrain (2024 - Management Agreement)

●     Vancouver (2024 - Management Agreement)

●     Abu Dhabi (2025 - Management Agreement)

●     Prague (2025 - Management Agreement)

●     Osaka (2025 - Management Agreement)

●     Riyadh (forecast to open in 2027 - Management Agreement)

 

-ENDS-

 

 For further information, please contact:

 Time Out Group plc                               Tel: +44 (0) 207 813 3000
 Chris Ohlund, CEO
 Steven Tredget, Investor Relations Director

 Liberum (Nominated Adviser and Broker)           Tel: +44 (0) 203 100 2222
 Andrew Godber / Edward Thomas / Clayton Bush

 FTI Consulting LLP                               Tel: +44 (0) 203 727 1000
 Edward Bridges / Stephanie Ellis / Fiona Walker

 

 

Notes to editors

 

About Time Out Group

Time Out Group is a global media and hospitality business that inspires and
helps people experience the best of the city through its two divisions - Time
Out Media and Time Out Market. Time Out launched in London in 1968 to help
people discover the exciting new urban cultures that had started up all over
the city - today it is the only global brand dedicated to city life. Expert
journalists curate and create content about the best things to Do, See and Eat
across 333 cities in 59 countries and across a unique multi-platform model
spanning both digital and physical channels. Time Out Market is the world's
first editorially curated food and cultural market, bringing a city's best
chefs, restaurateurs and unique cultural experiences together under one roof.
The portfolio includes six open Markets in cities such as Lisbon, New York and
Dubai, several new locations with expected opening dates in 2023 and beyond,
in addition to a pipeline of further locations in advanced discussions. Time
Out Group PLC, listed on AIM, is headquartered in the United Kingdom.

 

 

About Majid Al Futtaim

Founded in 1992, Majid Al Futtaim is a diversified lifestyle conglomerate
spanning 16 countries across the Middle East, Africa and Asia. The company
employs 46,000 people representing 114 nationalities and welcomes 600 million
customers to its shopping malls, communities, retail and entertainment
destinations each year.

 

With owned assets valued at US$18 billion, Majid Al Futtaim has the highest
credit rating (BBB) among privately-held corporates in the region. The company
is committed to becoming Net Positive in water and carbon by 2040.

www.majidalfuttaim.com/en (http://www.majidalfuttaim.com/en)

 

 

About Majid Al Futtaim Asset Management

Majid Al Futtaim owns and operates 29 shopping malls in the UAE, Egypt,
Bahrain, Lebanon and Oman.  The portfolio includes Mall of the Emirates, Mall
of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood
centres, and five joint venture community malls with the Government of
Sharjah. They also operate omnichannel services including online Shoppable
Mall, Digital Concierge, an AI empowered Store of the Future and the region's
first Mall of the Metaverse. All of this is powered by the UAE's fastest
growing loyalty program SHARE which offers customers a more personalised and
data driven experience in the malls along with privileges like VIP Lounge
access and Smart parking.

 

Majid Al Futtaim develops hotels that are connected, or adjacent to, shopping
malls offering value, convenience and experience to guests from overseas, the
region and the surrounding business community. Majid Al Futtaim owns 11 hotels
in the UAE and 2 in Bahrain, all operated by international hotel brands such
as Sheraton, Novotel, Ibis, Aloft, Hilton Garden Inn, Kempinski Hotel,
Pullman, Le Meridien and The Westin.  In 2022, Majid Al Futtaim became the
first and only conglomerate in the world to be awarded the prestigious LEED
Platinum certification for its portfolio of hotels.

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