CJ chairman bets on food, entertainment biz with UAE

CJ Group Chairman Lee Jae-hyun visited the United Arab Emirates to bolster the group’s food, beauty and entertainment businesses in the country and across the Middle East.

The visit to Abu Dhabi marked the end of his tour of the group’s major global markets this year, which began in Japan and continued through the United States and the United Kingdom.

During his weeklong visit to the UAE, which began on Dec. 6, Lee met Khaldoon Al Mubarak, chairman of the Abu Dhabi Executive Affairs Authority and CEO of state-run Mubadala Investment Company. The meeting followed their previous encounter in London in September. Khaldoon was also a key figure behind Korean President Lee Jae Myung’s summit with UAE President Mohamed bin Zayed Al Nahyan in Abu Dhabi last month.

The CJ Group chairman also met Mohamed Al Mubarak, chairman of the Department of Culture and Tourism, and Abdullah Al Hamed, chairman of the UAE Government Media Office, during the visit.

In his Abu Dhabi meetings, he sought to forge new business partnerships with the UAE government and local firms in the media, content, tourism and sports sectors. His proposals included hosting offline live events such as KCON and securing policy support and investment from UAE entities for the conglomerate’s development of media content and related infrastructure in the country.

Lee also met representatives of the group’s food subsidiary, CJ CheilJedang, and discussed ways to leverage the region’s halal food market to expand the group’s K-food business.

Last month, CJ subsidiaries signed memorandums of understanding with major UAE firms during the bilateral summit. CJ CheilJedang’s agreement with health care and retail firm Al Khayyat Investments opened the door for the Korean company to export its food products under its flagship brand, Bibigo, through the UAE firm’s local distribution channels.

CJ Olive Young, which operates Korea’s leading beauty retail platform Olive Young, also signed a partnership with Life Healthcare Group, which runs more than 500 outlets in the UAE as well as online shopping malls distributing beauty products.

CJ ENM, the conglomerate’s entertainment arm, plans to pivot around its Saudi Arabian subsidiary, CJ ENM Middle East, to strengthen partnerships with local broadcasters and content developers across the region. The company aims to host more live concerts and discover local talent as intellectual property.

After returning from the UAE, Lee on Tuesday met UAE Minister of Culture Salem bin Khalid Al Qassimi and UAE Ambassador to Korea Abdulla Saif Al Nuaimi at the CJ Human Resources Center in Seoul to continue bilateral talks on cultural exchanges.

“Chairman Lee has personally visited the group’s key global markets this year and identified new growth engines for overseas expansion. He is ambitious to lead global lifestyle trends,” a CJ Group official said.