Alsulaiman Group acquires Taajeer Finance to lead digital transformation and frowth in financial services
Alsulaiman Group, one of Saudi Arabia's leading family-owned conglomerates, has announced the acquisition of Taajeer Finance Company. This strategic move signifies the Group's official entry into the dynamic and rapidly growing financial services sector in the Kingdom.
The acquisition comes at a time of accelerated transformation in Saudi Arabia's financial sector, fueled by increased investment in fintech and regulatory support from the Saudi Central Bank (SAMA), including initiatives like the Regulatory Sandbox. It also aligns with the Financial Sector Development Program under Vision 2030, which seeks to promote financial inclusion and expand access to digital financial solutions for individuals and businesses.
Saud Alsulaiman, CEO of Alsulaiman Group, commented on the acquisition: 'Our acquisition of Taajeer Finance is a strategic step that reflects our belief in the financial sector's potential for innovation and growth. We aim to build a modern financing platform that delivers accessible, efficient, and smart solutions, empowering individuals and entrepreneurs, while also contributing to the Kingdom's Vision 2030 goals.'
Through this acquisition, Alsulaiman Group seeks to create a fully integrated and innovative financial ecosystem. The Group plans to leverage its strengths in retail and digital transformation to deliver customer-centric financial solutions that will support national economic growth.
Taajeer Finance, established in 1997 and known for its leadership in auto financing, is entering a new phase of transformation. The company will expand its offerings to include personal financing, lifestyle financing, and SME financing, further contributing to entrepreneurship and financial inclusion across the Kingdom. Taajeer will continue to serve customers through a hybrid model, integrating physical branches, digital channels, and smart tools such as its 'Rosom' bill payment service for fast and easy transactions.
Faisal Malaeka, Chairman of the Board at Taajeer Finance, shared his thoughts on the acquisition: 'This marks a pivotal milestone in the company's journey. Over the past years, we have built a solid foundation of trust and leadership in the financing sector. Today, we embark on a new chapter of inclusive growth through our partnership with Alsulaiman Group. We are confident that this alliance will bring a qualitative leap in service and financial innovation in the Saudi market.'
The acquisition strengthens Alsulaiman Group's diversified investment portfolio, which includes sectors such as retail, logistics, and real estate development. This move reinforces the Group's longstanding commitment to innovation, sustainable growth, and contributing to national economic development.
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