The UAE-based Al Futtaim Group has launched a new brand of electronics stores in Saudi Arabia through a joint venture.
Al Futtaim launches new electronic store brand in Saudi Arabia
The UAE-based Al Futtaim Group has launched a new brand of electronics stores in Saudi Arabia through a joint venture, that will begin with four outlets before branching out across the kingdom, senior executives say. Probir Mukherjee, the managing director of electronics for Al Futtaim, said the group recently acquired a majority stake in a joint venture with Fawaz Alhokair Group, through which it has launched a new brand called Best e-City that has four outlets in Riyadh. He said Saudi Arabia, with its large population of more than 28 million people, and its continued growth despite the economic downturn made an attractive location for expansion. "The UAE market is largely about tourists," Mr Mukherjee said. "But Saudi is going to be steady. The only tourism is religious tourism from the Haj, and that's not going to dip." The joint venture adds four more electronics outlets, measuring roughly 50,000 square feet each, to Al Futtaim's portfolio of multi-brand big box retail stores. The group currently has five Plug-Ins stores, four of which are in the UAE and one in Bahrain. Al Futtaim also plans to open one store each in Jeddah and Al Khobar in the next 12 months.