BURBERRY enters joint venture with local partner for Saudi Arabia

Fawaz Abdulaziz Alhokair & Co, the Saudi retail group, has established a joint venture with luxury British fashion label Burberry to sell its branded products in the kingdom.

Alhokair will hold a 40 percent stake in the company, the retail firm said in a statement to the Saudi bourse Saturday.The value of the deal was not disclosed.

Alhokair last year sold the Middle East franchise rights to the Fitness First chain of health clubs to UAE-based Landmark Group for an undisclosed sum.