Fawaz Abdulaziz Alhokair Co. will invest SAR 375 million ($100 million) in Saudi Arabia this year in brands like Aldo and Lefties, CNBC Arabiya reported, citing chief financial officer Mohammed Abbaoui.

 

The Saudi fashion retailer will also open two or three cosmetics stores in the Kingdom, he added.

 

Alhokair has allocated around SAR 333 million to hedge against market pressures, Abbaoui said.

 

Earlier this week, the CFO said the company is expected to post strong profit growth in FY17, driven by measures being taken to boost profitability. 

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