Global Investment House “Global†announced today it has established synergy and cooperation between its two portfolio companies through Al Sawani for Food & Industrial Supply Company (Al Sawani) and Future Kid Entertainment & Real Estate Company (Future Kid). Al Sawani and Future Kid entered into a Memorandum of Understanding (MoU) to join forces for future business development.
The purpose of this MoU is to enable cooperation between Al Sawani and Future Kid for exploring opportunities to set-up new outlets in the GCC. Considering that both the companies are major players in their fields, this MoU will help them in expanding into other’s market by leveraging the strong position held by each of them in their respective market.
In today’s market, mall developers need unique concepts and an integrated multi brand and multi product model, and this is what the two companies would joint offer.
The Private Equity Group of the Kuwait based asset management company Global had recently announced the completion of the acquisition of a controlling stake in Al Sawani, a Saudi based retailing giant offering clothing apparels and accessories in GCC.
Established in 1976, Al Sawani is a forerunner in regional retail, and is among the first GCC businesses which adopted the franchising model.
Al Sawani currently has 76,000 square meters of retail space spread over 550 outlets spread across 12 regional countries through which it retails its portfolio of 36 international brands of apparel and accessories including Guess, Benetton, Sfera and Esprit.