CBL inks deal with Aamalcom Holdings to expand market presence in Saudi Arabia
Daily FT: CBL Group has said it has entered into a strategic partnership with Aamalcom Holdings, a diversified group operating in multiple sectors, to expand its footprint and strengthen market reach in the Kingdom of Saudi Arabia (KSA).
The agreement was signed in Colombo by Aamalcom Holding Company KSA Chairman Sheikh Qinan Rashdan Al Marel and CBL Group Director Rasith Wickramasingha.
Through Aamalcom Holdings, CBL’s flagship brands, Munchee, Ritzbury, and Tiara, will see wider distribution in Riyadh City starting this November, with a phased expansion into Jeddah, Dammam, Madinah, and Qassim, the company said.
The rollout will initially target modern trade and later extend into general trade, wholesale, food service, and e-commerce channels, ensuring broader consumer access across the Kingdom.
“This partnership is a significant milestone in CBL’s export journey. Saudi Arabia is one of the region’s most dynamic FMCG markets, and together with Aamalcom Holdings, we look forward to bringing Sri Lankan brands to more global consumers while strengthening our long-term growth strategy,” said Wickramasingha.
“We are delighted to partner with CBL Group, a company with a strong global reputation and trusted Sri Lankan brands. With our network and expertise, we are confident this collaboration will accelerate growth and deliver greater value to consumers across Saudi Arabia,” said Sheikh Qinan Rashdan Al Marel.OSL take:
The strength, resilience and growth of Sri Lanka’s economy is evident by the expansion, especially overseas expansion, of the country’s private sector businesses. These expansions also provide opportunities for foreign businesses/investors to also expand their presence in regions other than where they are based at present, through partnerships of joint ventures with Sri Lankan businesses. Given that Sri Lanka’s manufacturing and exports sectors are on a steady growth path supported by the strong trade ties enjoyed by Sri Lanka with many foreign countries, the business/investment opportunities presented in the country would present lucrative ventures for foreign businesses/investors. With Sri Lanka on the fast-track to becoming a hub in the South Asian region, engaging in businesses in Sri Lanka by setting up bases or through local collaborations would guarantee quick returns on investment (ROIs) for foreign businesses/investors.