Marks & Spencer opens first Saudi store
The famous British Marks & Spencer department store will open its first Saudi Arabian branch this coming September in the Riyadh Trade Center. Four additional shops in different locations in Riyadh and Jeddah are expected to open within a year, according to Al-Hayat daily.
The move will give Marks & Spencer a strong hold in the booming Saudi retail market, valued 18 billion Saudi riyals ($4.8 billion) annually. The company is likely to invest more than SR 100 million in the Saudi market.
Fawaz Al-Hakeer, a representative of Al-Farida Commercial Agencies, representing Marks & Spencer in Saudi Arabia, countered accusations that the company had relation with Israel. Al-Hakeer stated that the enterprise is a British joint stock company, owned by individuals and corporations from all over the world.
No investor possesses more than nine percent of the company’s capital, with only CITI Corp., one of Marks & Spencer’s largest shareholders, owning just this much.
Over the past five years, the value of imports to the Saudi markets from Marks & Spencer reached 600 million Saudi riyals ($160 million). Marks & Spencer employs over 50,000 employees in the Arab world. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)