KUALA LUMPUR: Madinah-based Namaa Al-Munawara and Malaysian company The Prayer Mat Sdn Bhd (TPM) have inked a Memorandum of Business Exploration (MOBE) to look into business collaboration opportunities.
The Malaysia External Trade Development Corporation (Matrade) said that under the MOBE, both parties would explore collaborative efforts in the promotion of merchandise under the Almunawara brand, while also offering access to Malaysia's capabilities in the lifestyle services sector.
Namaa Al-Munawara said TPM was appointed as the exclusive distributor for its merchandise in Malaysia due to the latter's strong track record as a leading distributor since early 2020.
Matrade said the MOBE would also enable TPM to introduce iconic Malaysian brands into the Saudi market, including Mimpikita — a contemporary modest fashion brand.
TPM chief executive officer, Dr Siti Norwahida Shukeri said she hopes the partnership would help the company to attract new customers and increase its growth by diversifying its product mix to include exclusive in-house collection and merchandise that would be sold via its retail outlets and e-commerce platform.
“We are targeting to set up 30 retail outlets in Malaysia and we are also planning to penetrate into other Asean countries as well,” she said.
Meanwhile, Malaysian Trade Consul Faizalkhan Jaafar said as Saudi Arabia implements strategies to increase the contribution of its local economy, in line with Saudi Vision 2030, such as the “Made in Madinah” initiative, reputable Malaysian companies can be an ideal and sustainable partner to fit that development agenda.
“These alliances would serve as an attractive model for Saudi-based manufacturing industries to source for materials and procure the services of Malaysian enterprises in other priority sectors as well,” he said.
Source : The Edge Markets