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FINANCIAL NEWS
Saudi Alhokair eyes regional expansion
28 Mar 2010
(MENAFN) Fawaz Abdulaziz Alhokair Co., a retailer based in Saudi Arabia, said that it has entered preliminary agreements to buy stakes in three retail firms as part of its drive to expand in the Middle East region, The Saudi Gazette reported.
Alhokair signed memorandums of understanding to buy stakes in Retail Group Gulf, Retail Group Egypt and Retail Group Jordan, said the Saudi firm which specializes in fashion retail.
Alhokair represents international brands such as Zara chain owned by Spain’s Inditex and Marks and Spencer.
Alhokair, which operates more than 900 stores, will open 112 new stores this year, about half of which will be in other countries in the MENA region and emerging markets such as Kazakhstan and Azerbaijan, said Simon Marshall, the company’s chief executive.
Sales in Saudi Arabia grew by 5 percent compared with the year before, and sales in Egypt were up between 1.6 and 1.8 percent, Marshall added.
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