DUBAI: Fawaz Abdulaziz Alhokair Co. (Alhokair) has signed a franchise agreement with European electronic and entertainment retailer Fnac Darty, with the first store to open in 2022.
The Saudi retail giant also plans to expand its network of Aleph Apple premium reseller and Decathlon sporting goods stores, it said in a stock exchange filing on Tuesday.
The first Fnac Darty in the Kingdom will feature multi-brand consumer electronics, household appliances, books, and other lifestyle products, according to a statement.
“The European retailer’s strategic focus on building a strong customer base with evolving experiences around electronics, multimedia and lifestyle categories, is a major milestone in Alhokair’s journey to become the lifestyle retail partner of choice in Saudi Arabia,” said Alhokair CEO Marwan Moukarzel.
Fnac Darty operates 908 stores, including 346 franchises globally. It reported international revenues of over $8.9 billion in 2020, 31 percent of which came from online sales.
Alhokair said the deal comes as demand for electronics, such as tablets and laptops, have surged in the Kingdom during the COVID-19 pandemic, where employers and schools have offered more flexible setups for workers and students.
Alhokair operates more than 1,800 retail stores across 12 countries, with a portfolio of more than 90 international and local brands in fashion, beauty, sports, multimedia, and food and beverage.
The company said it also plans to roll out new Aleph Apple Premium Reseller stores with one new location added in U-Walk Riyadh on April 18 2021 and three others slated to open by the end of May 2021.
The total number of Aleph stores is expected to reach 20 over the course of the next 18 months, it said.
The company also opened the global sports and leisure brand, Decathlon’s first-ever Saudi store in Jeddah on April 10 2021. It will be followed by three more stores to be opened in 2021 in Riyadh.
Alhokair adds Fnac Darty, Apple reseller and Decathlon stores across Saudi Arabia
https://arab.news/wkdgc
Alhokair adds Fnac Darty, Apple reseller and Decathlon stores across Saudi Arabia
- The first Fnac Darty in the Kingdom will feature multi-brand consumer electronics, household appliances, books, and other lifestyle products
- The Saudi retail giant also plans to expand its network of Aleph Apple premium reseller and Decathlon sporting goods stores
Saudi investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
