RIYADH: A deal to support Saudi fashion designers has been signed between the Fashion Commission and Fawaz A. Alhokair and Partners Co, the only fashion company listed on the Saudi stock market.
It was signed at the Ministry of Culture headquarters in the presence of commission CEO Burak Cakmak and Ahmed Al-Sultan, legal representative of Fawaz Alhokair and Partners Co, the Saudi Press Agency reported.
Under the terms of the agreement, designers will benefit from the support of commercial platforms managed by Fawaz A. Alhokair and Partners Co.
The two parties will also collaborate on sustainability programs and projects in the fashion sector, with implementation supervised by specialist teams from both sides.
Cakmak emphasized the importance of strengthening cooperation between the commission and Fawaz A. Alhokair and Partners Co. as a valuable partner in the support and development of the Kingdom’s fashion community.
He noted the unique position of Fawaz A. Alhokair and Partners Co. as the only fashion company listed on the Saudi stock market, underlining the significance of joining forces with firmly rooted establishments to support local innovators and develop the fashion sector as a contributor to Saudi economic growth.
Marwan Moukarzel, CEO of Fawaz A. Alhokair and Partners Co., said: “We are pleased to work with the Fashion Commission to support and empower Saudi Arabia’s local fashion designers. We are confident that, by diversifying the market, we are strengthening the local ecosystem and showcasing what the Kingdom has to offer as Alhokair continues to be the leading lifestyle retailer in the country and the partner of choice for local and international brands.
“This strategic partnership reinforces our commitment to building an agile and sustainable business, contributing to economic growth and talent development supporting Saudi Arabia’s Vision 2030.”
The Fashion Commission has signed agreements with parties in the public and private sectors to improve its goal of enhancing local partnerships, empowering the Saudi fashion sector, and developing its capabilities to meet world-class standards in fashion.