Saudi Alhokair, Burberry to set up venture

RIYADH (Reuters) - Saudi-based retailer Fawaz Abdulaziz Alhokair Co 4240.SE said on Saturday it had agreed to set up a joint venture with Burberry (BRBY.L) to market and sell the British luxury good group's products.

Alhokair will hold a 40 percent stake in the Riyadh-based company which is to sell Burberry goods in Saudi Arabia, Alhokair said in a statement to the bourse, without giving further financial details of the venture.