“Jadwa is proud to become a partner with the Matbouli family in the exciting sector of consumer appliances and electronics in Saudi Arabia,” said Ahmed Al-Khateeb, managing director and CEO of Jadwa.
Adnan Matbouli, CEO of UMG, said: “UMG has been closely held by our family for generations, and we took great care in selecting the right partner who can help us achieve our strategic goals of broadening the shareholder base and further institutionalizing the company. We are confident that Jadwa Investment’s financial, investment, and governance knowledge and experience will add tremendous value to UMG.”
UMG has over half a century of experience in the domestic appliances and electronics market in Saudi Arabia.It has agency and distribution rights for several prominent global brands, most notably Samsung Electronics.
Over the past two decades Samsung has established itself as the leading global brand in electronics, and is recognized for introducing cutting edge technology in their products. In cooperation with UMG, Samsung has achieved leading positions in the Saudi market across all product categories, including televisions, air conditioning, mobile phones and large domestic appliances.
Growth in the domestic electrical appliances sector in Saudi Arabia has been driven and will continue to be fueled by several underlying factors. Population growth and the cultural shift to smaller households have triggered a housing construction boom, which in turn increases demand for appliances.
