Shaker Acquires 10% Stake in Cashew KSA to Support Growth of Digital Lending Solutions in Saudi Arabia
Shaker solidifies strategic partnership with Cashew KSA, furthering commitment to innovation and growth in the digital lending space
RIYADH, Saudi Arabia, April 4, 2023 /PRNewswire/ -- Al Hassan Ghazi Ibrahim Shaker Co. ("Shaker Group"), Saudi Arabia's leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced today the completion of a 10% investment in Cashew Arabia Company for Information Technology ("Cashew KSA"), the subsidiary of Cashew Payments Holding Limited ("Cashew Holding"). The investment follows the Memorandum of Understanding (MoU) between the two companies in June 2022 and was made through its subsidiary Shaker Innovative Investments Company which is 90% owned by Shaker Group.
Through this strategic investment, Shaker Group aims to strengthen its e-commerce and retail platforms and unlock significant potential in the segment as consumers increasingly adopt digital financing solutions and e-commerce continues to experience sustained growth in the Kingdom, projected to reach USD 11.52 billion in 2023 (statista*[1]). This move is expected to further solidify Shaker Group's position as a leader in the digital retail space and drive innovation in the e-commerce market, which will continue to grow in line with the Saudi government's 2030 vision to have a 70 percent cashless society.
Mr. Mohammed Ibrahim Abunayyan, CEO at Shaker, said:
"We are excited to have finalized this investment in Cashew KSA, which aligns with our strategic initiatives of growth and innovation. We are confident that our partnership with Cashew KSA will bring about significant growth opportunities for both companies in the rapidly expanding digital lending space, including the BNPL market in Saudi Arabia. We look forward to supporting Cashew KSA in their efforts to launch and accelerate their market share growth within the sector in the kingdom."
Mr. Ammar Afif, CEO & Co-founder at Cashew KSA, said:
"Saudi Arabia continues to see tremendous growth in the retail and e-commerce sector, and with Shaker Group's extensive experience in the retail market and its commitment to innovation, we are confident that our partnership will drive significant growth for both companies. With their support, we can build the infrastructure needed to meet the demand for digital lending solutions in the region's fastest growing consumer market. Together we will enable Saudi consumers with a wide variety of digital lending products, a financial management hub and provide a compelling user experience. We are thrilled to have Shaker Group as a strategic investor in Cashew KSA."
About Shaker
Shaker was founded in 1950 and was amongst the first in Saudi Arabia to introduce Air Conditioning & Home Appliances for Saudi consumers. Shaker is the importer and distributor of several leading international brands including Maytag, Ariston, Indesit, Midea, Bompani and Panasonic in Saudi Arabia, and the sole distributer of LG Air Conditioners in Saudi Arabia. ESCO, as a business unit of Shaker, provides Energy Solutions. Shaker has been a publicly listed company on the Saudi Exchange (Saudi Exchange) since 2010. Throughout the years, Shaker has positioned its name within the top Saudi companies, providing a range of integrated solutions in terms of Air Conditioners and Home Appliances in the Saudi market and the region.
For more information, visit: http://www.shaker.com.sa/
About Cashew KSA
Cashew launched in late 2019 to enable consumers across the Middle East with financial flexibility and a more inclusive and transparent way to pay. Cashew's platform helps individuals better manage their money through short and long-term financing at point of sale. Merchants use cashew to reach new customers and offer alternative payment solutions to their existing customers. Unlike other flexible payment providers, cashew partners with regional banks and digital distribution partners in the various locations where it operates, to enhance the strength of its digital lending capabilities and tech-driven platform. For more information visit: www.cashewpayments.com
[1] E-commerce market research by statista.com
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SOURCE Shaker
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