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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