Riyadh, Saudi Arabia: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker Group”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced the signing of an MOU with Fox Spa di Renzo Bompani e C. (“Bompani”). On May 25, Mohammed Ibrahim Abunayyan, CEO of Shaker Group, and Enrico Vento, CEO of Bompani, attended the MOU signing ceremony held at Shaker Group’s headquarters in Riyadh.

The MoU stipulates that the two companies will explore the opportunity to form a joint venture company to launch a manufacturing facility to produce cooker ranges in the Kingdom of Saudi Arabia. This factory will extend Shaker Group’s production footprint in Saudi Arabia amplifying local, regional, and export consumer markets.

Mr. Mohammed Ibrahim Abunayyan, CEO at Shaker Group, said:

“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.

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. Additionally, 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).”

Mr. Enrico Vento, CEO at Bompani, said:

“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. I am confident that this alliance between Shaker Group and Bompani provides for a continuous exchange of knowledge and expertise. Moreover, such cooperation is important for an overall growth and development of the Home Appliance market, given the evolving and dynamic nature of global markets.”

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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 Bompani

Bompani is the Italian appliance brand, which since 1954 has been designing, manufacturing, and signing all household appliances (kitchens, ovens, hobs, hoods, washing machines, dishwashers, dryers, refrigerators). The choice of cutting-edge technologies and new materials, the sophisticated design, combine functionality and ergonomics of the products according to the company philosophy: "live and cook Italian”".

To understand the history and values of the Bompani brand, watch the video https://youtu.be/qjvjpYQwAb0
and visit the CuBom virtual museum at https://www.bompani.it/cubom-it.html.

For investor and media enquiries
Noha Habib, Instinctif Partners
noha.habib@instinctif.com