Panda Retail plans to close its only store in the United Arab Emirates, HyperPanda in the Dubai Festival City mall, UAE newspaper The National reported last week.

 

The company opened the 15,000 square-meter store in 2006. 

 

Panda Retail is 91 percent-owned by Tadawul-listed Savola Group, which owns 406 stores, including 65 Hyper Panda stores, 160 Panda stores and 181 Pandati stores.

 

Savola Group, Saudi Arabia’s largest food producer, swung to a net loss of SAR 451.3 million in fiscal year 2016, compared to a profit of SAR 1.8 billion the previous year.

 

The company shut down 101 Pandati stores in 2016 due to the kingdom’s economic changes and lower consumer spending in 2015 and 2016.

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