Saudi Al Rajhi buys into Romeo Design
Dubai, October 16, 2008
Saudi Al Rajhi Investment Group, a leading diversified business group, has acquired a 70 per cent stake in the UAE-based Romeo Design.
Romeo Design was established in 1981 and is recognized as one of the leading design companies, both in manufacture of customized loose furniture, soft furnishing and decoration as well as mass-produced built-in kitchen cabinets and wardrobes.
Romeo Design has expanded its activities in the GCC region and is actively involved in the contracts furnishing market.
Romeo caters to all major turnkey projects and specialises in the complete design and fitting of interiors including: hotels, banks, offices, private residences, universities, apartments and leisure sectors.
'We are excited to become part of Al Rajhi Investment Group. I believe Al Rajhi Investment Group will provide us with a sound financial and competitive position; enabling us to become the No.1 player in the market. We look forward to the challenges that achieving this position will bring,' said Nader Nashed, CEO of Romeo Design, commenting on the merger.
'It has always been part of our role to identify the successful key players in the market. I believe we have done just that in partnering with Romeo Design. They have been in the region for more than 25 years now and we are pleased to have them with us. It will bring success to both companies,' said Faisal S Al Rajhi, president of Al Rajhi Investment Group. – TradeArabia News Service