Adnoc Distribution opens Abu Dhabi's first 'walk out' convenience store


Alkesh Sharma
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Adnoc Distribution, the UAE’s largest fuel retailer, has opened Abu Dhabi's first "walk out" Oasis convenience store.

Located in Sheikh Khalifa Energy Complex, the new store offers a cashless and contactless payment system and an artificial intelligence-driven shopping environment.

“Our enhanced Adnoc Oasis store is set to revolutionise how we shop. It makes the experience easier, faster and more convenient than ever before,” said Bader Saeed Al Lamki, chief executive of Adnoc Distribution.

Customers will no longer have to queue or wait to be served by staff and, unlike existing self-service terminals in retail outlets, there is no need to scan items, Adnoc Distribution said on Monday.

They need only to tap in when they enter, using a bank card, Emirates ID, or scan the QR code, pick up the items they need and then walk out of the shop. Payment is taken after the customer leaves the store, either through the payment app or the bank card used to enter the store, with all details of purchase stored in the app or through an e-receipt.

“The consumer landscape has naturally evolved as a result of the Covid-19 pandemic and we see how important accessible retail is for our customers. The new concept embodies this very ethos, together with the quality and choice that we are known for,” Mr Al Lamki said.

The concept is similar to Amazon's checkout-free grocery store, Amazon Go, which launched in the US in January 2018 and uses cameras and sensors to track what customers buy, and charges their credit card when they exit. In March this year, Amazon opened a till-free grocery shop in London, its first foray outside the US using automated checkout technology.

Adnoc Distribution has launched a cashless and contactless payment convenience store in Abu Dhabi. Photo: Adnoc Distribution
Adnoc Distribution has launched a cashless and contactless payment convenience store in Abu Dhabi. Photo: Adnoc Distribution

Every shelf in Adnoc Distribution's autonomous store is equipped with an electronic screen that digitally displays the price as well as any current promotions, which are updated in real time.

Customers will also be able to shop as a family using a single QR code for entry. Once family members have scanned the code and entered the store, they will be tracked as a group and all items taken from the shelves by anyone in the group will be added to a single virtual basket.

Adnoc Distribution had 459 fuel stations across the UAE at the end of September.

Its net profit for the first nine months of the year rose more than 6 per cent to Dh1.68 billion ($457.8 million), while revenue for the nine months through to the end of September rose about 23 per cent to Dh14.7bn.

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COMPANY%20PROFILE%20
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Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

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Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

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Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cylinder%20turbo%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C020Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EEarly%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh530%2C000%20(estimate)%3C%2Fp%3E%0A

THE SPECS

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Transmission: Seven-speed auto

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Price: Dh99,900 to Dh134,000

On sale: now

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Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

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The specs

Engine: 1.4-litre 4-cylinder turbo

Power: 180hp at 5,500rpm

Torque: 250Nm at 3,00rpm

Transmission: 5-speed sequential auto

Price: From Dh139,995

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Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Company%20Profile
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SPECS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

RESULTS

5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).

5.30pm: Handicap (PA) Dh90,000 1,400m​​​​​​​
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.

6pm: Handicap (TB) Dh100,000 1,400m​​​​​​​
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.

6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m​​​​​​​
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.

7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m​​​​​​​
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.

7.30pm: Maiden (PA) Dh80,000 2.200m
​​​​​​​Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.

Updated: November 23, 2021, 4:44 AM