Traditional male clothing sector exceeds SAR 1.2 billion

JEDDAH, Saudi Arabia -02 June, 2015

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 on June 1st 2015.

The partnership is expected to build on AlShiaka's successful track record in the men's thobes business in Saudi Arabia further. 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."

Moreover, 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 that "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 shifted its name to "AlShiaka" in 1987 and started introducing new innovative and fashionable products which caters towards 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.

-Ends-

About Alshiaka:
The idea of 'AlShiaka' thobes emerged from the heart of our ancient Arabic culture and covered most cities across the Kingdom of Saudi Arabia, 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. It was the starting point for the company's efforts towards expansion and development in the world of thobes. It was commissioned to conduct a series of studies to further develop the concept of the traditional Saudi thobes and shifted into the industry of ready-made thobes. The shift in brand names began from the transformation of "Dunia Alaswaf Est." to a leading brand in the Saudi market called, 'AlShiaka'.

The production of Alshiaka's "classic" Saudi thobes was launched and developed to meet the local market demands based on sizes and classical elegant tailoring while keeping the identity of the historical Saudi thobe designs. The company's ambitions led to additional studies towards meeting other needs in the market. This was reflected in the launch of the brand (Re Thobe) which targets the desires of a modern and expressive younger community in a sporty and youthful spirit. The development was still on the rise with AlShiaka whereby it met the special needs of official occasions, seasons and events, through the introduction of the brand (Zakhrafat) which offered thobes with embroidery and oriental themes; inspired by our Arabic culture. The company's latest brand was called (Alfakher) and it's a premium high-end brand with high quality fabrics and detailed in the utmost precision.

About SEDCO Holding:
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. SEDCO Holding was established to consolidate the various business activities of SEDCO in which the wealth of the Bin Mahfouz family is invested. SEDCO Holding applies the highest standards of corporate governance in accordance with by-laws of international standards that ensure the longevity and growth of the business. Based in Jeddah, SEDCO Holding is headed by a board of directors comprised of eight members, five of which are from outside the family and are chosen from prominent local and international experts. SEDCO Holding is dedicated to responsible and ethical corporate practices through strong leadership and strategies that have enhanced SEDCO's position as a prominent Saudi group with global investments. SEDCO Holding is committed to supporting the welfare and development of individuals and communities across Saudi Arabia and invests in a range of corporate social responsibility activities, recognizing that business success brings a responsibility to contribute to the advancing economic and social development of communities where it has a presence. SEDCO's social responsibility efforts focus on serving its employees, the sectors it operates in, the environment, and the broader community. More information at www.sedco.com

For more information:
Hussein Nasrallah
Senior Media Relations Manager
Memac Ogilvy PR
Tel: +966 12 651 0704
Mob: + 966 50 466 3187
E-mail: Hussein.nasrallah@ogilvy.com

© Press Release 2015