Majd Investment Company, the investment arm of Almajdouie Group, announced that it has successfully completed the acquisition of a major stake amounting to 25% percent of Al Wefaq Rent a Car (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 Chairman of Almajdouie Group, Yousef Almajdouie; CEO of Majd Investment, Ibrahim Almajdouie; the Board of Directors and partners of Al-Wefaq Rent A Car (Yelo) and its Chairman Nasser Al-Qahtaf; and a number of executive leaders from both parties.
The importance of this deal 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 the partnership being a Saudi brand that started in the Kingdom to expand its areas of reach and provide its services in regional countries according to the highest standards of service quality and customer satisfaction.
The partnership signing ceremony in the capital, Riyadh, was attended by the Chairman of Almajdouie Group, Yousef Almajdouie; CEO of Majd Investment, Ibrahim Almajdouie; the Board of Directors and partners of Al-Wefaq Rent A Car (Yelo) and its Chairman Nasser Al-Qahtaf; and a number of executive leaders from both parties.
Majd Investment Company is the investment arm of Almajdouie Group, which was founded in 1965 AD by Sheikh Ali Almajdouie. The company took 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 in its investment philosophy on preserving wealth through reducing risks and distributing assets to achieve the desired profitability, optimal and more sustainable growth.