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Shaker, LG and the Ministry of Investment of Saudi Arabia (MISA) Sign an MOU to Explore Local Manufacturing of AC Compressors in Saudi Arabia

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RIYADH, Saudi Arabia, Feb. 15, 2024 /PRNewswire/ — Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker Group”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced the signing of an MoU with LG Electronics (LG) and the Ministry of Investment of Saudi Arabia (MISA) to manufacture AC compressors in the Kingdom. This groundbreaking agreement is set to fortify the longstanding partnership between Shaker and LG, building upon their successful joint venture factory in Riyadh that has been producing AC units for the local and international markets since 2008.

The MoU was signed in the presence of H.E. Khalid AlFalih, Minister of Investment; Mr. Abdulelah Abunayyan, Chairman of Shaker Group; Eng. Saleh AlKhabti, Deputy of Investment Transactions Deputyship at MISA; Eng. Fahad Aljubairy, Assistant Deputy Minister for Sectoral Strategies and Regulations at Ministry of Industry and Mineral Resources; Mr. Mohammed Ibrahim Abunayyan, CEO of Shaker Group; and Mr. Jong Ho Lee, CEO of LG Shaker Co. LTD.

This marks a significant leap towards localizing the production of the most technologically complex component of AC units – the compressor, and the realization of this project – upon the completion of the feasibility study and final agreement – will position Shaker and LG as pioneers in the local and regional manufacturing of AC compressors, in alignment with the Kingdom’s Vision 2030 goals of transforming Saudi Arabia into an industrial leader and a global logistics hub.

In support of this ambitious project, MISA, along with the Ministry of Industry and Mineral Resources, and the National Industrial Development Center, are collaboratively participating in the feasibility study. The joint effort is focused on thoroughly reviewing the viability of establishing a domestic production facility for AC compressors, with further specifics concerning investments and essential considerations to be determined in forthcoming discussions. This partnership underscores the commitment of various Saudi ministries to foster industrial growth and technological innovation within the Kingdom.

Eng. Saleh AlKhabti, Deputy of Investment Transactions Deputyship at MISA, commented:

“The collaboration between MISA, LG, and Shaker Group through this MoU is a strategic leap towards achieving the Kingdom’s Vision 2030 by localizing the air conditioning industry and its components. It signifies our commitment to not just local industry enhancement but also positions Saudi Arabia as a potential hub for assembling and eventually manufacturing a broader range of electronic products, aligning with our investment diversification and growth strategy.”

Eng. Fahad Aljubairy, Assistant Deputy Minister for Sectoral Strategies and Regulations at Ministry of Industry and Mineral Resources, said:

“This MoU embodies our strategic focus on developing the machinery and equipment sector and aligns with our National Industrial Strategy, particularly through the localization of compressor manufacturing. It’s a testament to our dedication to not only enhancing local production capabilities but also to establishing Saudi Arabia as a pivotal exporter in the region. This initiative supports our broader objective of integrating and strengthening value chains across sectors, bolstering both current and future projects within the Kingdom.”

Mr. Abdulelah Abdullah Abunayyan, Chairman at Shaker Group, added:

“This MoU is a testament to our commitment to contributing to the Kingdom’s industrial and technological advancement. By bringing the manufacturing of AC compressors to our homeland, we are taking a significant step towards self-reliance in AC production and is perfectly in-sync with the Kingdom’s strategic aspirations to ascend to the forefront of global industrial leadership and establish itself as a pivotal logistics hub.” 

Mr. Mohammed Ibrahim Abunayyan, CEO at Shaker Group, said:

“Our collaboration with LG and MISA on this venture underscores our unique position as the first and only company in the Kingdom with the capabilities to potentially manufacture AC compressors, marking a significant advancement in energy-efficient technology. This initiative not only enhances our product offerings but also ensures that Saudi Arabia leads in sustainable manufacturing practices. We are excited about the prospects this MoU presents for Shaker, LG, and the Kingdom, driving innovation and excellence in the HVAC industry at large.”

About Shaker 
Shaker was founded in 1950 and was amongst the first in Saudi Arabia to introduce Air Conditioning & Home Appliances for Saudi consumers. Shaker is the importer and distributor of several leading international brands including Maytag, Ariston, Indesit, Midea, Bompani, and LG in Saudi Arabia, and the sole distributor of LG Air Conditioners in Saudi Arabia. ESCO, as a business unit of Shaker, provides Energy Solutions and management services. Shaker has been a publicly listed company on the Saudi Exchange (Saudi Exchange) since 2010. Throughout the years, Shaker has positioned its name among the top Saudi companies, providing a range of integrated solutions in terms of Air Conditioners and Home Appliances in the Saudi market and the region. For more information, visit: http://www.shaker.com.sa/

Photo – https://mma.prnewswire.com/media/2341200/Shaker_Group.jpg

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STEPHEN A. SMITH ADDRESSES WHITE HOUSE DINNER ATTENDANCE, REAFFIRMS COMMITMENT TO HBCUs AND PROTECTING CORPORATE INVESTMENT IN BLACK EDUCATION

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33 minutes ago

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October 24, 2026

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Stephen A. Smith, media mogul, New York Times bestselling author, and proud 1991 graduate of Winston-Salem State University, is addressing the public discussion surrounding his decision to attend a White House dinner with President Donald Trump, emphasizing his commitment to the long-term financial stability of Historically Black Colleges and Universities (HBCUs).

For Smith, the decision was rooted in a commitment to institutions that have educated generations of Black leaders, professionals, entrepreneurs, and public servants.

“I will always advocate for HBCUs and the students whose futures depend on them,” Smith said. “My reason for attending the White House dinner was to discuss the challenges these institutions face in securing long-term funding and to make the case that corporate America must continue to invest in them.”

Smith acknowledged federal support through the FUTURE Act while expressing concern that political tensions surrounding diversity, equity, and inclusion (DEI) could discourage private companies from supporting HBCUs. He maintains that these institutions deserve sustained corporate partnerships, philanthropic contributions, and public investment.

“If we truly believe in free-market capitalism, businesses should be able to support educational institutions and charitable causes without fear of criticism or repercussions,” Smith said. “HBCUs have made extraordinary contributions to this country. They deserve sustained public and private investment.”

Ashley Christopher, Esq., Founder and CEO of the HBCU Week Foundation, recognized Smith’s advocacy and decision to engage with the administration.

“Stephen A. Smith has been a powerful advocate for HBCUs, using his platform and influence to shine a national spotlight on our institutions,” expressed Christopher, “His continued support of HBCU Week helps advance our mission of connecting students with life-changing educational opportunities, and we are proud to have him as our ambassador.”

Since Smith became an HBCU Week Ambassador in 2019, the initiative has facilitated more than 15,000 on-the-spot college acceptances and raised and awarded more than $150 million in scholarships, according to the HBCU Week Foundation.

As public discussion continues, Smith is emphasizing the importance of ensuring HBCUs have the resources and partnerships needed to educate future generations and expand opportunities for students.

CLICK HERE to watch Smith’s full response to his White House visit.

MEDIA CONTACT:

media@mrsasinc.com

View original content:https://www.prnewswire.com/news-releases/stephen-a-smith-addresses-white-house-dinner-attendance-reaffirms-commitment-to-hbcus-and-protecting-corporate-investment-in-black-education-302918547.html

SOURCE Straight Shooter Media

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Advantex Announces Completion of Financing and Extension of Maturity Date of Previously Issued Debentures

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33 minutes ago

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October 24, 2026

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TORONTO, Oct. 23, 2026 /CNW/ — Advantex Marketing International Inc. (CSE: ADX) (“Advantex”), a leader in the merchant cash advance and loyalty marketing products for merchants, today announced the completion of a $250,000 secured debt financing. Advantex issued a $250,000 non-convertible debenture which bears an interest rate at 12% per annum and matures December 15, 2027. The proceeds raised from this issuance of the Debenture will be used for working capital purposes.

Advantex has also extended the maturity of its existing $700,000 in 12% secured debentures from October 10, 2026 to December 15, 2027.

About Advantex Marketing International Inc.

Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.

Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex’s profile on www.sedar.com

Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to the future business and operations of Advantex. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ material include, but are not limited to, changes in Advantex’s economic and competitive conditions including but not limited to the industry sectors in which Advantex operates.

The statements in this news release are made of the date of this release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

SOURCE Advantex Marketing International Inc.

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Club Offers for Travel Enthusiasts in Canada

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2 hours ago

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October 23, 2026

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TORONTO, Oct 23, 2026 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO), the club for travel enthusiasts, announces three of many new Club Offers for Club Members in Canada.

Rigorously vetted and negotiated for us travel enthusiasts:

$799—COSTA RICA WEEK WITH FLIGHTS & CAR
We think fall is an ideal time to visit Costa Rica; the scenery is lush and the crowds are gone. Drive between volcanic Arenal and the idyllic beaches of Tamarindo on this seven-night trip. Since it’s not as busy, we were able to negotiate a price that saves members up to $648 on departures through mid-December.

$899—BARCELONA: 5 NIGHTS WITH FLIGHTS
Explore Barcelona’s world-class museums and architectural masterpieces in the quieter winter months to pack more into your trip. You won’t waste hours in lines and can access top restaurants that are fully booked in summer. We save $300 on travel this January and February, when temperatures are still spring-like. Roundtrip flights from Toronto, hotel and daily breakfast are included.

$999—ST. KITTS GETAWAY FOR 2, REG. $2083
Most visitors to St. Kitts book months in advance, but when we pointed out that travel enthusiasts are more spontaneous, this resort gave us a terrific rate for stays this November and December. Spend four nights in Frigate Bay and get an upgraded Oceanview room, too.

Are you a travel enthusiast? Join the club today: https://travelzoo.com

Who are we?
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travellers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Media Contact: 
Amanda Ieraci – Toronto
+1 437 866 8540
aieraci@travelzoo.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/club-offers-for-travel-enthusiasts-in-canada-302918543.html

SOURCE Travelzoo

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