Khateeb, Managing Director & CEO of Jadwa, and Adnan Matbouli, CEO of United Matbouli Group, shake hands after the acquisition deal. JEDDAH – Jadwa Investment Company and the United Matbouli Group (UMG) announced Saturday that Jadwa Technology Special Opportunity Fund has recently completed the acquisition of a significant minority stake in UMG. "Jadwa is proud to become a partner with the Matbouli family in the exciting sector of consumer appliances and electronics in Saudi Arabia," said Ahmed Al-Khateeb, Managing Director & CEO of Jadwa. "The United Matbouli Group is a stellar example of excellence in management, growth and maturity in Saudi family-owned businesses. The family has created a successful enterprise over decades in business, and now have the vision to broaden ownership and enhance governance to sustain the business for the decades to come. We at Jadwa look forward to working with the existing UMG shareholders to create additional value as we have done in our other successful partnerships including Luberef, with Saudi Aramco, and Gulf Union Foods Company," he added. Adnan Matbouli, CEO of UMG, said: "UMG has been closely held by our family for generations, and we took great care in selecting the right partner who can help us achieve our strategic goals of broadening the shareholder base and further institutionalizing the company. We are confident that Jadwa Investment's financial, investment, and governance knowledge and experience will add tremendous value to UMG." UMG has over half a century of experience in the domestic appliances and electronics market in Saudi Arabia. It has agency and distribution rights for several prominent global brands, most notably Samsung Electronics. Over the past two decades Samsung has established itself as the leading global brand in electronics, and is recognized for introducing cutting edge technology in their products. In cooperation with UMG, Samsung has achieved leading positions in the Saudi market across all product categories, including televisions, air conditioning, mobile phones and large domestic appliances.
