Now in the midst of its fifth decade of operation, the Aggad Investment Company (AICO) has played a major role in the industrial emergence of Saudi Arabia. First created in 1975, their efforts would helped expand what had been a nominal presence in the business world into one that lays a major role in the continued growth for the Saudis.
AICO was first established by Sheikh Omar Aggad and now has control of seven companies that deal in the following sectors: insurance, manufacturing consumer goods, communication, health care and automotive.
The first of the companies to be established was the Arabian Tile Company (ARTIC) in 1976. ARTIC was seen as a conduit to produce quality and visually-appealing tiles for both businesses and homes in the Kingdom.
Four years later, MediServ was tasked with making available medical supplies and equipment across Saudi Arabia. Smoother distribution channels have been established by expanding the Riyadh warehouse to also include buildings in Abha, Jeddah and Khobar.
Back in 1989, National Advanced Systems (NASCO) was created and now handles business connected to wireless communication. An important part of NASCO’s daily duties is to establish the framework for strong security protection against unwarranted invasions against a company’s secrets.
The Arab Palestinian Investment Company (APIC) began in 1995 as a way for the country’s businessmen to invest in Palestine. Meanwhile, United Motors and Gulf Motor help serve as exclusive distributors for internationally-known car and truck companies. United began operations in 1999, with Gulf following in 2012.
The insurance field was covered through the establishment in 2008 of Sanad Cooperative Insurance and Reinsurance. This company focuses on both personal and corporate insurance considerations.
Yet unknown is how much of an impact, if any, the economic downturn caused by oil price drops will have on AICO.