Kuwait group seals Saudi retail store deal
Kuwait, June 11, 2012
MS Retail (MSR), a top developer of specialty retail and entertainment stores in Kuwait, has inked a SR80 million ($48 million) deal with Abdul Mohsen Al Hokair Company for Tourism and Development to open its flagship stores in Saudi Arabia.
As per the agreement, MSR and Saudi-based Al Hokair, a hospitality and entertainment group with significant operations in the GCC region, will jointly develop its flagship stores in key cities across Saudi Arabia under the 'Baroue' brand, said International Financial Advisors (Kuwait), the sole financial advisor to MSR on the deal.
Baroue is a unique concept developed and operated by MSR in Kuwait that integrates specialty retail and entertainment targeted at 12 year olds and under. These stores typically have areas exceeding 6,000 sq m and are located in prime malls, stated IFA.
On the partnership, Mohammed Al-Sayer, MSR chief executive officer said, 'Our Saudi partners have demonstrated the highest level of interest and cooperation in working together with us to procure the retail space and operational facilities needed for our expansion in Saudi.'
'We are excited and committed to working together with Al Hokair for many years to come,' he stated.
Jean Habre, the Al Hokair GM (entertainment) said: 'Al Hokair is a company dedicated to bringing to market the most successful and innovative entertainment concepts, and we view MSR as a credible and much desired partner with a portfolio comprising, among others, Minopolis, a unique metropolis designed for children between 4 and 12 years.'
'Both companies have similar philosophies when it comes to understanding the entertainment business, and we believe this will be key to the success of our joint efforts and projects,' he pointed out.
Bassel Attieh, the head of investments and executive vice president at IFA said, 'We are highly confident that MSR and Al Hokair's partnership in Saudi will develop into a very successful and profitable business.'
'Today's deal is another achievement for IFA's team of professionals who have yet again demonstrated their ability to structure, execute and raise financing for cross-border advisory mandates on behalf of clients,' he added.-TradeArabia News Service