SEDCO Holding Group and AlShiaka in partnership deal

SEDCO Holding Group, a Shariah-compliant private wealth management organization, has acquired 40 percent in AlShiaka, a Saudi men’s outfitters specialized in designing and making men’s thobes.
SEDCO Holding Group CEO Anees Moumina and AlShiaka’s CEO Walid Al-Andijani sealed the deal in Jeddah at an AlShiaka’s flagship outlet.
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.
Moumina 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.”
Al-Andijani said: “Our partnership with SEDCO Holding Group is a positive move and a prudent choice. 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.”
AlShiaka was launched in 1971 under the name Dunia Alaswaf Est., which imported textiles for men’s thobes, and became a brand name of high-end costumes. The company changed its name to AlShiaka in 1987 and started catering toward different segments. AlShiaka has 32 showrooms across Makkah, Madinah, Riyadh, Taif, Jeddah, Jazan, Khamis Mushayit, Maha’il Aseer and Yanbu.