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11-03-14

Saudi Alhokair Co to sell Islamic bond

(MENAFN) Fawaz Abdulaziz Alhokair Co, the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the Kingdom, plans to acquire 3-5 targets in the United States and the United Kingdom, according to Arab News. The company plans to sell its debut Islamic bond over the following year. Rob Cass, chief strategy officer, said: "We are looking at other opportunities, similar type brands that we believe have got the capabilities to grow." The company's net profit is expected to reach USD202.6 to USD215.93 million in the current financial year, while sales are expected to reach USD1.47-1.52 billion during the period.