Saudi Arabia’s listed retailer Fawaz Abdulaziz Alhokair Group signed a franchise agreement with French retailer Fnac Darty to further expand its portfolio into consumer electronics and other categories.
As part of the deal, Alhokair will open the first Fnac Darty store in the kingdom in 2022, the company said in a statement on Tuesday.
“This strategic partnership with … Fnac Darty is perfectly in line with our objective to diversify our brand portfolio and drive sustainable growth,” Marwan Moukarzel, chief executive of Fawaz Abdulaziz Alhokair, said.
“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.”
Fnac Darty has 908 international stores and 346 franchises. Last year, the company reported revenue of over $8.9 billion, with online sales accounting for 31 per cent of this.
The deal allows Alhokair to tap into the growing demand for consumer electronics in the kingdom – which is largely driven by increased levels of remote working and online learning amid the pandemic.
Alhokair, listed on the Tadawul Stock Exchange, operates more than 1,800 retail stores across 12 countries. Its portfolio comprises more than 90 international and local brands in fashion, beauty, sports, multimedia, and food and beverage.
“This deal is a great opportunity for our group, for our partner and for future customers,” Enrique Martinez, chief executive of Fnac Darty, said.
Last month, Alhokair and mall operator Arabian Centres Company announced plans to acquire a combined 51 per cent stake in Vogacloset, a UK-based e-commerce platform with 12 million users in the Middle East.
The buyers will initially acquire 41.2 per cent of the e-commerce platform’s existing shares based on a pre-money valuation of $60 million, subject to an earn-out structure conditional on certain growth thresholds, the two companies said on March 3.
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UAE v Zimbabwe A
Results
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Fixture
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UAE currency: the story behind the money in your pockets
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Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
Killing of Qassem Suleimani
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.