Majd Investment acquires 25% of Al-Wefaq Rent a Car Company (Yelo)
DAMMAM, Saudi Arabia, Feb. 9, 2022 /PRNewswire/ -- Majd Investment Company, the investment arm of Almajdouie Group, announced that it has successfully completed the acquisition of 25% of Al-Wefaq Company for Transportation Solutions (Yelo), which was established in 2000 and is one of the fastest growing brands today. This deal will contribute to raising the company's competitiveness and enhancing its leadership position in a sector that is witnessing a rapid growth as a result of the initiatives and programs of the Kingdom's Vision 2030 in the tourism and travel sectors.
The partnership signing ceremony in the capital, Riyadh, was attended by the president of Almajdouie Group, Yousef Almajdouie; CEO of Majd Investment, Ibrahim Almajdouie; the Board of Directors and partners of Al-Wefaq Rent a Car Company (Yelo) and its Chairman Nasser Al-Qhatani; and a number of executive leaders from both parties.
Ibrahim Almajdouie explains the importance of this deal as it enhances the company's objectives to invest in the services sector, stressing the determination of Majd Investment Company to continue its commitment to diversify the fields of investment in several strategic and promising sectors in the Kingdom according to a plan that depends on diversifying assets and risks alike. He also affirmed his pride in this partnership being with a Saudi brand that started in the Kingdom to expand its areas of reach and provide its services in regional countries based on to the highest standards of service quality and customer satisfaction.
For his part, Nasser Al-Qahtani points out the importance of this deal which will enhance the market value of the company and will contribute to the increasing demand for the company's services spread throughout 90 branches in the Kingdom of Saudi Arabia, United Arab of Emirates and Egypt, serving more than one million clients. He also stresses the importance of this partnership with Almajdouie Group, as it is considered one of the most influential names in the field of automotive in the Kingdom, stressing that this will have a great impact on the company's growth, expansion of its business, and a combination of expertise that will enhance the company's leadership position.
It is noteworthy that Majd Investment Company is the investment arm of Almajdouie Group, which was founded in 1965 AD by Sheikh Ali Almajdouie. The company takes upon itself the management and development of the financial and real estate assets of the group, and works according to a diversification strategy through its investment portfolio in private and public properties, venture capital and real estate. It also enjoys various partnerships in the education and financial services sectors, as well as in the oil and gas and hotel sectors, in addition to many other fields. It also relies on its investment philosophy of preserving wealth through reducing risks and distributing assets to achieve the desired profitability, optimal and more sustainable growth.
SOURCE www.almajdouie.com
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