Al Muhaidib Acquires 35% of Abyat

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On May 4th. 2015, Al Muhaidib Group acquired a 35 percent stake in building supplies and hardware retailer Abyat. The deal will help Abyat expand into Saudi Arabia and the wider Gulf region, with Al Muhaidib Group benefiting from an increased presence in the building materials sector, said Bader al-Rezaihan, chairman of Amwal International Investment Co. "There is definitely an aggressive growth plan for Abyat, especially with the support of Al Muhaidib," Rezaihan told Reuters, noting that Abyat was opening its second Saudi Arabian shop, in Riyadh, this week and was about to break ground on a store in Jeddah. Abyat, which had 26 shareholders before the transaction, according to its website, is majority-owned by its founder and chairman Khalid Abul. "Al Muhaidib has operations throughout the region and that's what the vision of Abyat is, to be a dominant regional player in this sector," Rezaihan said.

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