Fawaz Abdulaziz Al Hokair Fashion Retail, one of the biggest retail groups in the Middle East, is making its first big push outside its home market of Saudi Arabia.
The group, 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.
"We want to continue our expansion, and we now need to look to the international arena," Mr Marshall said during a visit to Dubai to open one of the group's New Yorker brand stores.
"So we're opening in Dubai and we've got two [retail] companies we're looking to purchase in Jordan and Egypt."
The group's expansion comes after a difficult year for retailers around the world because of the economic downturn.
Mr Marshall said last year's sales were down in the UAE, but would not specify by how much.
He added, however, that the UAE was the hardest-hit market in his portfolio, with sales in Dubai suffering and Abu Dhabi revenues flat.
Sales in Saudi Arabia, meanwhile, grew by 5 per cent compared with the year before, and sales in Egypt were up between 1.6 and 1.8 per cent, Mr Marshall said.
Last year, the group scaled back store openings globally to 72, down from the 174 new outlets in 2008. But now, Mr Marshall said, things were starting to pick up.
"We can see the consumer confidence coming back," he said. "People are starting to spend money again and people are starting to buy products."
The group has acquired eight new brands, mainly from North America, Mr Marshall said.
As part of its five-year plan to expand from 900 stores to 1,700 stores, the group would focus its expansion across MENA and emerging markets such as Kazakhstan, which are developing and stable, he said.
Mr Marshall said the group was aiming to open 20 new stores in Kazakhstan this year. "Kazakhstan is a market that is very underdeveloped. We refer to it as a 'virgin territory for retail'."
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Match info:
Wolves 1
Boly (57')
Manchester City 1
Laporte (69')
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
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Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
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Investors: Family offices
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Malin Cilic (CRO) v Benoit Paire (FRA) [8]
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TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
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The biog
Favourite food: Fish and seafood
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Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
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Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
UFC FIGHT NIGHT: SAUDI ARABIA RESULTS
Main card
Middleweight:
Robert Whittaker defeated Ikram Aliskerov via knockout (Round 1)
Heavyweight:
Alexander Volkov def Sergei Pavlovich via unanimous decision
Middleweight:
Kelvin Gastelum def Daniel Rodriguez via unanimous decision
Middleweight:
Shara Magomedov def Antonio Trocoli via knockout (Round 3)
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Volkan Oezdemir def Johnny Walker via knockout (Round 1)
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Nasrat Haqparast def Jared Gordon via split decision
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38.7C (101.7F) set in Cambridge in 2019
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Education: Medical doctor
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Favourite animals: All of them
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
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Fortuna Dusseldorf v Paderborn (4.30pm)
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Name: Lynn Davison
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Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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Date started: 2020
Founders: Khaldoon Bushnaq and Tariq Seksek
Based: Abu Dhabi Global Market
Sector: HealthTech
Number of staff: 100
Funding to date: $15 million
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