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Shaker Group acquires 10% stake in Cashew Arabia 

by WAYA Staff - Apr 5, 2023
<strong>Shaker Group</strong><strong> acquires 10%</strong><strong> </strong><strong>stake</strong><strong> in Cashew Arabia </strong>

Saudi Arabia’s Shaker Group, a leading importer, manufacturer, and distributor of home appliances, has announced that the company finalized acquiring a 10% stake in Cashew Arabia Company for Information Technology.

Saudi Arabia’s leading home appliance trader aims to boost its e-commerce with a target of US$11.52 billion in 2023. 

Shaker Group aims to strengthen its retail platforms and attract significant potential from its targeted segment.

The Saudi government’s 2030 vision is to have a 70 percent cashless society. 

Mohammed Ibrahim Abunayyan, CEO at Shaker, said: “We are excited to have finalized this investment in Cashew KSA, which aligns with our strategic initiatives of growth and innovation.

Ammar Afif, CEO & Co-founder at Cashew KSA, said: “Saudi Arabia continues to see tremendous growth in the retail and e-commerce sector, and with Shaker Group’s extensive experience in the retail market and its commitment to innovation. ”

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