Al Basel Group's new jewelry business in KSA to boost localization efforts
- Opening of Albairaq for Diamonds and Jewelry in late 2018 to provide more than 50 per cent job opportunities to Saudi nationals
- Group eyes investments in KSA’s thriving education sector in line with Saudi Vision 2030
Saudi Arabia, July 12, 2018: Al Basel Group, one of the leading groups of companies in the UAE that offers a range of specialized services for high-profile clients, announced its plans to launch a new jewelry business in the Kingdom of Saudi Arabia (KSA) in line with its expansion plans in the region. Albairaq for Diamonds and Jewelry will form part of the growing Al Basel Group led by the founder and CEO Basel Al Kasem, with his younger brother Omar Al Kasem at the helm of operations. The company is set to be operational by the end of 2018, giving rise to a range of job opportunities for Saudi nationals, thereby complementing the ongoing localization efforts.
Saudi Arabia’s gold and diamond jewelry market is set to cross USD 6 billion by 2022, as revealed by a recent TechSci Research report, thanks to the rise in young demographic; market demand for exclusively crafted, customized, elegant jewelry; and surging economic development in the country. Furthermore, increasing e-commerce penetration and business expansion by various leading global jewelry manufacturers across the country are expected to further accelerate this growth in the coming years.
Basel Al Kasem, Founder and CEO of Al Basel Group, said: “The launch of Albairaq for Diamonds and Jewelry, a family-owned business, and as part of Al Basel Group complements our planned expansion strategy for the region. Professionalism, integrity and commitment have always been our guiding principles and this growth can be attributed to our strict adherence to these core values. Our entry into the jewelry market is prompted by rapidly evolving consumer preferences, latest fashion trends, and rising interest of youth towards contemporary designs. The launch of the new business is also in alignment with the Kingdom’s nationalization initiative as it aims to offer more than 50 per cent of job opportunities to Saudi locals, contributing to the localization of the gold and jewelry market.”
“We are optimistic about the future of the jewelry market, thanks to the immense support provided by the government in areas including training and qualification, to prepare youth for key roles in businesses.” Al Kasem added.
Reflecting its commitment to the Vision 2030 development agenda, Al Basel Group intends to invest in KSA’s education sector, which will also contribute to a wide-ranging economic and social initiatives aimed at diversifying the economy away from its traditional reliance on oil and creating a more dynamic private sector that offers employment for the growing population. The growing investments also reflect the Group’s confidence in the strength of the country’s economy.
Omar Al Kasem, Global VIP Relations Director / Head of Diplomatic Accounts, Al Basel Group, said: 'We are optimistic that our investments in Saudi Arabia’s private sector will effectively contribute to the achievement of Vision 2030 goals that aim to transform the country from an oil-dependent economy to an international trade and commerce hub, with education as one of its key focus areas.”
Seven administrative regions in Saudi Arabia - Qasim, Tabuk, Najran, Baha, Asir, Northern Border, and Jazan - announced their commitment to the localization of the gold and jewelry market in December 2017 in response to the decision by the Ministry of Labor and Social Development to encourage localization. Since then, these seven regions are actively supporting the nationalization drive by hiring and training Saudis to work in their stores. Saudization of the gold and jewelry sector will play a key role in providing employment to young Saudi men and women as the Kingdom currently ranks among the top five countries in the world in terms of gold consumption.
With a well-devised strategic roadmap, Al Basel Group is poised to achieve its target sales profit of AED 100 million in the second year of operations, while simultaneously expanding its network of retail shops.
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