SEDCO Holding Group, a leading Shariah-compliant private wealth management organization, acquired 40% in AlShiaka, the leading Saudi men's outfitters specialized in designing and making men's thobes. Anees Moumina, CEO of SEDCO Holding Group, and Walid Al Andijani, AlShiaka's CEO, sealed the deal in Jeddah at one of AlShiaka's flagship outlets recently. The partnership is expected to build on AlShiaka's successful track record in the men's thobes business in Saudi Arabia. It will also utilize SEDCO Holding's capital and expertise in corporate governance to drive the strategic growth of the company. This investment is in line with SEDCO Holding's strategic approach to invest in viable new ventures in growth sectors in the region. Commenting on the partnership, Anees Moumina, CEO of SEDCO Holding Group, said: “Investing in progressive enterprises and expanding our portfolio of direct investments is an important part of our investment strategy, and the partnership with AlShiaka is another display of our desire to extend our investment portfolio and expertise for the future growth and further advancement of our new partner.” He said: “Our adherence to Shariah principles and our strength in corporate governance has proven of great value for SEDCO Holding Group to attract partners both locally and from the region.” Moumina explained: “Buying into AlShiaka entails SEDCO Holding's commitment to strengthen the confidence of shareholders in the management paving the way for growth.” He added: “We have set a plan at SEDCO Holding Group to target diverse investments and seize opportunities in prosperous markets. We are confident that both parties will acquire high revenues out of this active partnership.” Walid Al Andijani, AlShiaka's CEO said: “We are also pleased to have found in SEDCO Holding Group the perfect partner for growth and transformation in our business and further expansions ahead. Our partnership with SEDCO Holding Group is a positive move and a prudent choice.” He added “AlShiaka's excellent performance in the Saudi market for more than three decades is enough proof to mark our presence today as the first choice for seekers of luxurious quality and distinct designs. We are always keen on providing the best quality in our designs to cater to various needs of different tastes in the market.” AlShiaka was launched in 1971 under the name “Dunia Alaswaf Est.” which imported textiles for men's thobes, and was a famous brand name in the world of high-end costumes. The company changed its name to “AlShiaka” in 1987 and started introducing new innovative and fashionable products which caters to different segments and diversified tastes within the Saudi market. AlShiaka now has 32 showrooms for retail purchasing across the Saudi market and this has positioned the company's market share within the top three among its competitors in the Kingdom of Saudi Arabia. AlShiaka owns showrooms in Jeddah, Riyadh, Makkah, Madina, Taif, Jizan, Khamis Mushait, Maha'il Aseer and Yanbu; plans for further expansion. The idea of ‘AlShiaka' thobes emerged from the heart of our ancient Arabic culture and covered most cities across the Kingdom, presenting designs that cater the needs of the different tastes and ages. The idea started through “Dunia Alaswaf Est.” which provided a variety of high-end men's fabrics in the heart of Taif. Founded in 1976 by the Bin Mahfouz family, one of the leading banking families in Saudi Arabia, SEDCO has become recognized as a leading Shariah-compliant organization, responsible for a diverse spectrum of operating companies in industries such as, real estate development and management, travel and tourism, hospitality, automobile leasing and casual dining, in addition to managing private and public equity holdings in Saudi Arabia and around the world. — SG
