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Alhokair inks SR1bn loan agreement

Saudi retailer, Fawaz Abdulaziz Alhokair Co has signed an SR1bn Islamic loan maturing in March 2021 to help repay loans and fund expansion, Reuters has reported. The loan is repayable by semi-annual instalments starting 18 months from June 4, the date of agreement, the firm said. Alhokair operates across 20 markets, predominantly in the Middle East and Commonwealth of Independent States, and has been expanding both on its own and through acquisitions, including the purchase of Spanish clothing brand Blanco earlier in 2014.