TIDMTMO
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
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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END
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September 05, 2023 02:00 ET (06:00 GMT)
Time Out (LSE:TMO)
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