By Souhail Karam
Fawaz Abdulaziz Alhokair to move into Kazakhstan, eyes UAE, Egypt, and Jordan.
Saudi-based retailer Fawaz Abdulaziz Alhokair Co said on Sunday its board has approved an expansion plan that covers Kazakhstan and could eventually involve Egypt, Jordan and the UAE."This step fulfils the board's desire to increase growth ratios over the coming years," it said in a statement posted on the bourse's website.
Alhokair, which specializes in clothing and catering, did not disclosed more details, saying only that it would involve acquisitions of assets held by or stakes in existing companies. Any deal would be financed from the firm's own resources, it added.
Alhokair represents international brands such as Zara chain owned by Spain's Inditex and Marks and Spencer. (Reuters)