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FINANCIAL NEWS
UAE- Landmark Group plans USD245m Saudi investment
08 Nov 2012
(MENAFN) Landmark Group’s director of the Oasis Centre in Dubai, Neelesh Bhatnagar, announced that the group would spend USD245 million to launch nearly 30 Oasis Centre malls in Saudi, reported Arabian Business.
Bhatnagar said that the move comes as the Kingdom participates in more than 45 percent of Landmark’s turnover.
The company, which operates 900 stores across the Middle East, India, Turkey and Pakistan, would open the new centers in 30 Saudi cities.
In the coming 12 months, the UAE-based retail conglomerate would open 4 centers, investing USD8.16 million in each mall.
It is worth noting that Landmark plans to boost sales to USD1 billion in India over the coming 2 years, while Splash, Landmark’s mid-market fashion retailer is planning to enter several African markets through franchise deals.
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