Ghassan Ahmad Al Sulaiman Development Company Information

Dr. Ghassan Ahmad Al Sulaiman, together with other family members, launched a furniture retailing company in 1983 that acquired globally renowned brand IKEA’s first international franchise. From 700 square meters, IKEA Saudi Arabia now has over 100,000 square meters of retail space in three cities of Saudi Arabia and is now counted as one of the largest and most reputable furniture retailing operations in the Middle East. In 1990’s, after having established IKEA Saudi Arabia’s operations on strong footing, the Board of Directors decided to start investing in the winners of tomorrow. In 2004, the shareholders of IKEA Saudi Arabia launched Ghassan Ahmad Al Sulaiman Holding Company, and transferred many of IKEA’s investments to this company. In August 2007, the company was renamed as Ghassan Ahmad Al Sulaiman Development Company (Ghassanco). The company was formed to use the cash generation abilities of IKEA Saudi Arabia to co-invest with other individual and institutional investors, to launch and develop the winners of tomorrow. Ghassanco does not specifically target majority shareholding in these investee companies. This allows Ghassanco additional flexibility in attracting other business groups and entities to become shareholders in the new companies. Ghassanco also does not specifically target “exiting” from its investee companies, although this remains one of the options to maximize shareholders’ returns. Also, Ghassanco does not always take direct shareholding in the companies it co-launches and co-develops. Sometimes Ghassanco facilitates its investee companies in taking direct shareholding in new companies.