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FINANCIAL NEWS
Dubai’s Nesto to invest USD266m in Saudi Arabia
11 Dec 2012
(MENAFN) Nesto’s business development director, Abdul Nazar K. I., stated that the Dubai-based retailer plans to spend USD266 million on investments in the Saudi retail sector, reported Arab News.
Abdul Nazar said that the amount would be spent over the coming 3-4 years, adding that within the next 3 years, the group would launch 3 new hypermarkets in the country.
The company will formally open its third Nesto hypermarket in the Kingdom at the Gardenia Mall in Riyadh’s district of Azizia, with the hypermarket spanning over a retail area of 200,000 square feet.
The firm will also launch its second multi brand retail store Brandzone at the same mall, which would feature the two major brands Babystore and Shoe Point.
The 20,000 square feet store would offer a range of baby garments, footwear and accessories that target mid-segment customers.
It is worth noting that Nesto Group and Brandzone are part of the Dubai-based Western International Management LLC.
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