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  • 24-03-21

    Saudi retail conglomerate announces partnership with shopping center operator

    (MENAFN)A company with shopping center operator Arabian Centers Company (ACC) to obtain a majority stake in UK-based e-commerce platform Vogacloset, was proclaimed by Saudi retail conglomerate Fawaz Abdul Aziz Alhokair Co. (Alhokair), in an agreement valued at SR68.85 million (USD18.36 million).

    By Saudi consumers stuck at home in light of Coronavirus travel restrictions and malls shut at a variety of periods over 2020, and that Alhokair is eager to buy into the Kingdom’s surging e-commerce sector.

    It spotted a 311 percent surge in virtual activity in the first three months of the current year in comparison with the last three months of 2020.

    Moukarzel stated that “Retail is here to stay,” adding that “It is a cultural thing; it is an entertainment destination and family destination above all.”

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