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Description

In 1868, Haji Zainal Alireza began trading from Jeddah with the importation of foodstuffs, textiles and other merchandise from around the Middle East and the Indian sub-continent. These activities were later complemented by the acquisition of agencies of the shipping lines that carried these commodities. Business prospered, and the Company continued its development into the twentieth century. In 1929, the business was retitled Haji Abdullah Alireza and Company. The emergence of a strong, united Kingdom of Saudi Arabia and the resultant opening of its doors to Western trade in the 1930s, found the House of Alireza ready for its own participation. From that time onward, the Company's growth parallels the modern history of Saudi Arabia in its multi-faceted progression. The forties witnessed a Kingdom-wide expansion programme for Haji Abdullah Alireza and Company, with offices established both in Riyadh and Dammam. It broadened its operational base to include Ford Motor dealership, distribution of petroleum products, telecommunication contracts and bolstering of the shipping side of the business. In 1960, the Company was incorporated into a limited liability enterprise. The subsequent decades witnessed significant change, both in its areas of interest and in the nature of its business relationships. Preferred are partnerships and joint ventures with reputable international companies desirous of participating in the development of the Kingdom. Today HAACO Group and its subsidiaries are engaged in multiple industries such as telecommunication systems, maritime services, travel and tours, lube oil blending and projects and commercial affairs. Also, a retail outlet, Golden Palm, which trades in jewellery and watches. The Company's capital base has been expanded since 1960 and reached SR130 million (US$34.7 million) in 2003. At the end of 2007, its reserves equalled 100% of its paid-up capital and shareholders' equity amounted to SR379 million (US$101 million).