FINANCIAL NEWS

Portugal’s Sonae enters Saudi market

04 Sep 2010

(MENAFN) Sonae, the biggest retailer in the Portuguese market, has opened four stores in Saudi Arabia, starting its expansion in the Middle East, according to a report by newswire Bloomberg.

The stores, part of Sonae�s Zippy chain selling children�s clothing, opened in the last few days in Riyadh, Jeddah and Dhahran, the Portugal-based company said in a statement.

According to Bloomberg, Sonae said in July that it plans to open 70 Zippy stores through 2014 in nine countries stretching from Egypt to Kazakhstan, through a franchising agreement with Riyadh-based Fawaz Abdulaziz Alhokair.

Headquartered in Maia, Portugal, Sonae is a conglomerate, and is primarily engaged in the operation of retail stores.

The company also operates other businesses including real estate development, communication and information technology services, tourism services and other related activities through its various subsidiaries.

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