Saudi’s Alsulaiman Group and Livspace announce $50m deal to fuel GCC expansion

Saudi’s Alsulaiman Group and Livspace announce $50m deal to fuel GCC expansion

Driven by the section in Saudi’s Vision 2030 on increasing home-ownership, and its focus on digital transformation, India and South East Asia’s largest omni-channel home interior and renovation platform Livspace has announced its expansion in the Middle East through a strategic joint venture (JV) with Saudi’s Alsulaiman Group (ASG), Ikea’s operating partner in the region.

The JV saw the two parties invest $50 million to fuel regional growth and become market leaders in the home-renovation and design segment across multiple markets in MENA.

“As part of Saudi’s Vision 2030, there are huge developments in terms of the housing programme across the kingdom. The government is planning to build over a million houses in the next five years and are looking to increase home-ownership from around 40 percent to 70 percent by 2030,” Saud Alsulaiman, Alsulaiman Group CEO, told Arabian Business.

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“This, along with the government’s push for digital transformation, is a huge opportunity to leverage. It hits the spot in terms of convenience for customers,