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Al Rajhi Buys 70pc Stake in Romeo Design

RIYADH — Saudi Al Rajhi Investment Group, the leading diversified business group located in Saudi Arabia and Middle East region, announced on Thursday that it acquired a 70 per cent stake in UAE based Romeo Design LLC.

Romeo Design LLC was established in 1981 and is recognised as one of the leading design companies, both in manufacture of customised loose furniture, soft furnishing and decoration as well as mass-produced built-in kitchen cabinets and wardrobes.

“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 LLC 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 LLC.” “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 I believe.” Said Faisal S. Al Rajhi, President of Al Rajhi investment Group.