Saudi-based Majd Investment acquires 25% of car rental firm Al-Wefaq

By Arya M Nair, Official Reporter
  • Follow author on
Majd Investment
Mr. Nasser Al-Qhatani and Mr. Ibrahim Almajdoui during the signing ceremony

Majd Investment Company, the investment arm of Almajdouie Group, a Saudi conglomerate holding company, has acquired 25 percent of Al-Wefaq Company for Transportation Solutions (Yelo), a Saudi-based rent car Company.

This deal will contribute to raising the company’s competitiveness and enhancing its leadership position in a sector that is witnessing rapid growth as a result of the initiatives and programs of the Kingdom’s Vision 2030 in the tourism and travel sectors.

The signing ceremony was attended by the president of Almajdouie Group, Mr. Yousef Almajdouie, CEO of Majd Investment, Mr. Ibrahim Almajdouie, the Board of Directors and partners of Al-Wefaq Rent a Car Company (Yelo) and its Chairman Mr. Nasser Al-Qhatani, and a number of executive leaders from both parties.

The deal is expected to enhance Majd Investment’s objectives to invest in the services sector in the Kingdom according to a plan that depends on diversifying assets and risks alike. Mr. Ibrahim Almajdouie affirmed the company’s commitment to expand its areas of reach and provide its services in regional countries based on the highest standards of service quality and customer satisfaction.

Mr. Al-Qhatan said that “This partnership with Almajdouie Group, as it is considered one of the most influential names in the field of automotive in the Kingdom, will have a great impact on our company’s growth, expansion of its business, and a combination of expertise that will enhance the company’s leadership position.”

Majd Investment Company has 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 on its investment philosophy on preserving wealth through reducing risks and distributing assets to achieve the desired profitability, optimal and more sustainable growth.

Related: Saudi SABIC fully acquires Scientific Design from Swiss company Clariant