Kuwait: Ali Alghanim Sons Automotive Company K.S.C.C. (Ali Alghanim Sons) held its first Ordinary and Extraordinary General Assembly meetings on Wednesday, 6 July 2022, with a complete quorum. The assembly approved all items of the agenda, granting the Board of Directors authorization to buy or sell the company’s shares (treasury shares), in accordance with the provisions of Law No 7 of 2010 and its executive regulations and amendments.
Earlier in June, Ali Alghanim Sons was listed on Kuwait’s official stock exchange, Boursa Kuwait, in the ‘Premier Market’ under the ticker symbol ‘ALG’, recording a historic moment for the company as the first of its kind family company in the automotive sector to be listed on an exchange in the GCC.
With its mission driven strategy, Ali Alghanim Sons aims to strengthen its market share in Kuwait and further its market share and presence in Egypt and the Middle East’s automotive sector, by sharpening its focus on the affordable segment and entry-level luxury vehicles. The company will continue to push ahead with its expansion plans in the region, specifically in Egypt, by the last quarter of 2022, which will reflect positively and ultimately on the company’s turnover. The company is also exploring opportunities to enrich the services it provides for its customers by bringing in added value through new solutions, and furthering its digital transformation journey to enhance the customer experience.
Ali Alghanim Sons is targeting growth in the affordable segment through Geely, Haval and Great Wall Motors. The demand for these three fast-growing brands in Egypt is expected to catch up to their global market share due to continued improvement in affordable technology, customer acceptance and change in customer preferences. The company is also looking to increase the market share of existing luxury brands by offering a broader model mix to include lower-priced entry models. This is expected to convert potential customers to customers early in the customer lifecycle, thus, leading to higher total lifetime revenue per customer as well as higher demand for after-sales service and parts.
Working closely with its partners, Ali Alghanim Sons will continue to increase its regional footprint building on the success of the company’s recent expansion into Egypt, and Iraq, in which the company’s operations was launched a few years ago. It is also keen on exploring new opportunities in synergistic segments to offer a holistic service to customers. Rolling out more satellite service centers and quick-service shops and enhancing the online experience through e-retailing, virtual showrooms, and interconnected services are among the company’s plans. In line with its strong focus on digitization, Ali Alghanim Sons will invest in tech-related projects to expand its portfolio and in IT infrastructure to improve the overall customer experience.
Ali Alghanim Sons Automotive is the official agent for eight leading brands including “BMW”, “Land Rover”, “Rolls-Royce”, McLaren”, “Geely”, and “Great Wall Motors” in Kuwait, in addition to owning renowned international agencies in the fields of oil, batteries, and tires. The company is also a key shareholder in both “BMW” and “Mini” in Iraq and Egypt.