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Saudi retailer exits Dubai market

Retail Group Gulf, Saudi Arabia's biggest retailer is pulling out of Dubai after complaining of rising rents in the emirate's most popular malls, The National has reported. The company, which is majority owned by the Fawaz Alhokair Group, has closed more than 40 stores in Dubai and sold a number of its 19 franchise agreements to other retailers. "Basically, given the recent trading over the last few years, the decision was made collectively by the shareholders to exit the market as the leases come to expiry," said Simon Marshall, the chief executive of Fawaz Alhokair.