Saudi-based retailer Fawaz Abdulaziz Alhokair Company said on Saturday it has entered preliminary agreements to buy stakes in three retail firms as part of its drive to expand in the region.

Alhokair signed memorandums of understanding to buy stakes in Retail Group Gulf, Retail Group Egypt and Retail Group Jordan, said the Saudi firm which specializes in fashion retail.

Alhokair represents international brands such as Zara chain owned by Spain's Inditex and Marks and Spencer.-Reuters