Alsulaiman Group, the operator of IKEA stores in Saudi Arabia and Bahrain, has acquired Taajeer Finance Company, marking its entry into the financial services sector.

With the acquisition, Taajeer, which is known for providing auto loans, will expand its offerings to include personal, lifestyle and SME financing, the family-owned conglomerate confirmed on Wednesday.

“Our acquisition… is a strategic step that reflects our belief in the financial sector’s potential for innovation and growth,” said Saud Alsulaiman, CEO of Alsulaiman Group.

Al Sulaiman Group’s investment portfolio spans from retail, logistics to real estate development and technology. It has recently expanded into convenience retail with Circle K stores.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com