Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company has obtained commercial franchise rights from France-based Decathlon Company, specialised in sporting goods and equipment with more than 40 brands across 60 countries.

To add a sports and lifestyle division to its portfolio, the company has signed a 10-year agreement starting from the opening of the first stores, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Monday.

Decathlon is the first of several brands that the Saudi company seeks to obtain as part of its objective to expand its portfolio and achieve long-term growth.

The company forecast to launch its first Decathlon store at Mall of Arabia in Jeddah in Saudi Arabia during the first half (H1) of 2021, with expansion plans including more than 30 additional stores across the Kingdom.

It is noteworthy to mention that Marakez for Real Estate Investment, a mall development company owned by Fawaz Abdulaziz Alhokair, inaugurated Town Center in Egypt with investments of more than EGP 260 million.