Dr Adrian Cheng (right), founder and executive chairman of K11 by AC of Almad Group, and Sheikh Mana, founder and chairman of Wafi Group, sign a joint venture agreement to launch multi-faceted partnerships on Dec 11 to expand their cultural and commercial footprints in the Middle East market. [Photo provided to chinadaily.com.cn]
A Hong Kong-based Chinese conglomerate and a Dubai-based real estate giant signed a strategic partnership to expand their cultural and commercial footprints in the Middle East market.
Almad Group and Wafi Group entered into the agreement on Dec 11 in Hong Kong to create a cross-cultural business hub and usher in an epoch-making collaboration paradigm.
Dr Adrian Cheng, founder and executive chairman of K11 by AC of Almad Group, said,"This collaboration at Wafi City sets a new benchmark for cross-regional retail cooperation, as we connect the consumers and rich cultural industries of the Middle East and Chinese-speaking markets."
"We are confident that the Chinese consumer brands, top-tier IP innovations, and the Gentry Club experience we bring will serve the rapidly growing retail market and young demographics well," said Cheng, who graduated from Harvard University in 2003.
It has been learned that Almad Group incorporates K11 by AC and oversees Victoria Dockside, a $2.6 billion art and cultural district in Hong Kong featuring K11 Musea. In addition, its anime IP business, Experience 11, has grown in the Chinese mainland and the Middle East, while the Gentry Club, a private members' concept centered on artisanal lifestyle, is being scaled.
Meanwhile, for over five decades, the Wafi Group has served as a cornerstone in the commercial landscape of the United Arab Emirates, with operations spanning real estate, hotel services, retail, transportation, and industry. Its flagship project, Wafi City, Dubai's earliest integrated lifestyle shopping destination, opened in 1991. The Wafi City Mall is one of the oldest and largest shopping malls in Dubai, boasting over 1.1 million square feet of gross leasable area and 1.6 million square feet of gross floor area.
Sheikh Mana bin Khalifa Al Maktoum, founder and chairman of Wafi Group, said, "The joint collaborations with Almad Group and K11 by AC reflect our continued commitment to shaping the future of retail and lifestyle in the region. Together, we aim to introduce experiences and brands that will not only elevate Wafi City but also strengthen the cultural and commercial bridge between the Middle East and China."
It has been learned that this collaboration comes at a crucial time when the friendly relations between the UAE and China are increasing.
According to data from the Dubai department of economy and tourism, Dubai received around 824,000 Chinese tourists in 2024, an increase of about 31 percent compared to the previous year, indicating that Chinese visitors continue to drive strong growth in the leisure and business markets.
Hong Kong-based Almad Group and Dubai-based Wafi Group forge a partnership on Dec 11. (Left to Right) Jonathan Leung, general manager of K11 by AC (Middle East), Richard Cheung, Group CEO of K11 by AC, Sheikh Mana bin Khalifa Al Maktoum, founder and chairman of Wafi Group, Dr Adrian Cheng, founder and executive chairman of K11 by AC of Almad Group, Sheikh Rashid Bin Mana Al Maktoum, director of Wafi Group, Neil Percy, managing director of Wafi Group, and Salem Al Shamsi, executive vice-president of international relations at Dubai Chambers, pose for a group photo on the occasion. [Photo provided to chinadaily.com.cn]
This strategic cooperation will encompass multiple elements, including the establishment of a new business entity, Wafi Anime 11, to seize the growing development opportunities in the animation retail and entertainment industry globally and locally in the UAE; creating rich cultural and entertainment projects and IP-exclusive activities for locals and tourists; and establishing leasing cooperation for Hong Kong and the Chinese mainland brands.
Both parties will also launch tourism incentive strategies for Hong Kong and the Chinese mainland tourists, guiding them to stay at world-class hotels such as Sofitel Dubai The Obelisk and Raffles Dubai, while deeply exploring the comprehensive and exciting experiences in Wafi City. In addition, Gentry Club will be included in this cooperation expansion to the Middle East and North Africa.
"Our team has been studying the Middle East market since 2024 and is well aware of its immense development potential," said Richard Cheung, Group CEO of K11 by AC, noting that "In the first phase of cooperation, our group will introduce several top brands representing the essence of Chinese culture to settle in by 2026."
It has been learned that following the signing ceremony, the joint venture business entity will enter into the formal preparation stage.
