Saudi-based retailer Fawaz Abdulaziz Alhokair Company said it had agreed to set up a joint venture with Burberry to market and sell the British luxury good group's products.

As per the deal, Alhokair will hold a 40 per cent stake in the Riyadh-based company which is to sell Burberry goods in Saudi Arabia, said the Saudi retailer in a statement to the bourse, without giving further financial details of the venture.-Reuters