(MENAFN) Saudi Arabia's Fawaz Abdulaziz Alhokair announced it has signed a USD200 million loan in order to fund an acquisition of shops and general expansion, Gulf Business reported.
The firm, which franchises brands such as Zara and Marks and Spencer in the Kingdom, said that it was buying 42 women's clothing shops from Al Dana Trading Group estimated to be worth around USD102.1 million.
Alhokair said that the facility, which is extended over a five-year period, will fund the acquisition and other expansion by the company and will be repaid on a quarterly basis.
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