Riyadh, April 21, 2022, SPA -- The Fashion Commission has signed a Memorandum of Understanding (MoU) with Fawaz A. Alhokair and Partners Company to enhance cooperation between the two entities to support Saudi fashion designers. The agreement was signed at the Ministry of Culture headquarters in the presence of Burak Cakmak, CEO of the Fashion Commission, and Ahmed Al-Sultan, legal representative of Fawaz Alhokair and Partners Co. Under the terms of the agreement, Saudi fashion designers in the Kingdom 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 specialized teams in both parties. Burak Cakmak, CEO of the Fashion Commission, emphasized the importance of strengthening cooperation between the Commission and Fawaz A. Alhokair and Partners Co. as a valuable partnership in the support and development of the fashion community. Cakmak further 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 had recently signed several MoUs and cooperative agreements with parties in both the public and private sectors, bolstering its objective to enhance local partnerships, empower the Saudi fashion sector and develop its capabilities to meet world-class standards of practice in the field. --SPA 21:12 LOCAL TIME 18:12 GMT 0029 www.spa.gov.sa/w1724038