Saudi Arabia’s Al Hassan Ghazi Ibrahim Shaker (Shaker Group) has signed a Memorandum of Understanding (MoU) with an Italy-based manufacturer and supplier of household appliances Bompani to set up a joint venture factory to manufacture cooker ranges in the Kingdom.
Shaker Group is a leading importer, manufacturer, and distributor of Air Conditioning and Home Appliances in Saudi Arabia and the Middle East.
The company said that the new factory will extend Shaker Group’s production footprint in Saudi Arabia amplifying local, regional, and export consumer markets.
Mohammed Ibrahim Abunayyan CEO – Shaker Group
“The consumer Home Appliance market in Saudi and the GCC is expected to witness significant growth between now and 2030. We firmly believe that with the progression of Vision 2030, the consumer segment in Saudi will expand significantly and Shaker Group is well primed to contribute to this growth by further developing our already fruitful partnership with Bompani. Our joint venture will combine experts from Shaker Group and Bompani to deliver an exceptional portfolio of quality cookers range. This partnership is consistent with our continued efforts to execute and deliver on Shaker Group’s strategic initiatives of growth, innovation, and diversification.”
Mr. Abunayyan said that, “This joint venture will cement our sustained drive to support and be one of the Saudi manufacturing champions of the Made in Saudi program led by the Saudi Export Development Authority that aims to support local businesses by encouraging local consumers to purchase more locally made products.”
Shaker’s CEO further noted that the joint venture will provide a significant boost to domestic manufacturing in the Kingdom and contribute to the creation of private-sector jobs for Saudis in line with the Tawteen program launched by the Saudi Industrial Development Fund (SDIF).
“Establishing this joint venture with Shaker will enable Bompani to leverage the local and regional expertise that Shaker Group has acquired. We look forward to breaking new ground in exploring innovative commercial activities to grow the business, following our previous successful partnership in 2020. Moreover, this type of cooperation is important for an overall growth and development of the Home Appliance market, given the evolving and dynamic nature of global markets,” commented Mr. Enrico Vento, CEO at Bompani.
