Riyadh - February 28, 2010: In a signing ceremony held at FALCOM's new head office in Riyadh on 28th February, 2010, Tihama Holding Co. announced its strategic business initiative to restructure its bookstores division (LLC CO. under formation) for the emerging opportunities in the knowledge & education sectors in Saudi Arabia, GCC and MENA regions.
The contract was signed by Sheik Badr Al Dawood; Chairman Tihama Holdings and by Mr. Adeeb Al Sowailim, CEO FALCOM Financial Services. The ceremony was attended by Tihama Holdings board members; Mr. Fahad Bakaider, Eng. Saleh Hefny, Mr. Abdulaziz Bin Daiel, Mr. Dawood Al Dawood, Mr. Fahad Al Ferian, Mr. Khalil Al Reqaiba and from Tihama Bookstores Eng. Ahmed Gashlan. FALCOM will study and advise on forming business alliances with leading international partners.
TIHAMA Bookstores is one of the largest suppliers of school & office supplies, Arabic books, English books for schools and colleges, curriculum for international & private schools. Besides supplying medical & engineering reference books and being a major producer & distributor of documentaries, cartoons & movies.
During the signing ceremony, the Chairman of TIHAMA, Sheikh Badr Fahad Al Dawood, mentioned that at 2.9% per annum, Saudi Arabia has one of the fastest growing populations in the world. He also said that in 2005 about 35% of the 23 million people in Saudi Arabia were 15 years or younger. Moreover, it is the largest market for education services in the GCC region and accounts for 75% of total students in the GCC general education (K-12) system. Sheikh Badr stressed the tremendous efforts made by the Saudi Government to enhance the country's education system over the past decade by introducing new education programs, research & development initiatives, and building numerous schools and universities.
Adeeb Al Sowailim, CEO of FALCOM Financial Services, added "that for the year 2010, SR 138 billion or 25% of the total Saudi budget has been allocated for Training and Education; this has been an ongoing feature of the national budget for the last three years. The government secured 25,473 schools for a total of 4.6 million students and 420,443 teachers in 2007". "The scope and dynamism of education sector is huge and FALCOM is well positioned and equipped to assist Tihama achieve its strategic goals", Adeeb added.
It is worthwhile to mention that Tihama bookstores division (LLC Co. under formation) was founded in early 1980's as the first network of bookstores' showrooms to cover the Kingdom. Tihama's showrooms reached 48 branches through franchise-based expansions besides their chain expansion. Currently there are 22 branches operating by Tihama holding co. covering Makka, Jeddah, Riyadh, Dammam, Abha, Khamis and Jizan.
FALCOM is the biggest Saudi Shariah compliant investment bank with a capital of SR 1 Billion that promises intelligent investment ideas. FALCOM's Investment Banking Group was the first amongst the new players to co- manage an IPO, Abdullah Al Othaim Markets Company, for which it won the Best Deal of the Year from EuroMoney. FALCOM FINANCIAL SERVICES also won eight international awards during the course of two years. Global Finance Magazine named FALCOM the best new investment bank globally for 2008 & the best Islamic investment bank 2009. FALCOM was also selected by MODON for its Mergers & Acquisitions initiative.
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FALCOM continues its growth and expansion with a rich deal flow because of its recognized services and competence. FALCOM is designed to deliver upscale investment banking and wealth management solutions. FALCOM has its corporate office based in Riyadh and eight investment centers in the Kingdom. Besides these, FALCOM is expanding in the GCC region and has already inaugurated its office in Oman.
With its well recognized and highly experienced team, FALCOM's Investment Banking Group provides a complete range of corporate finance advisory services including IPO's, Rights Offering, Mergers & Acquisitions, Financial Restructuring, Carve Out, Spin Off, Private Equity, Real Estate Funds Management, etc.
© Press Release 2010
